Defections begin for Knight Capital, which is being acquired by rival Getco.
In what seems like a very nice pickup for Gain Capital CEO Glenn Stevens and his team, Gain has hired Knight Capital’s Joe Wald to head Gain GTX, Gain’s institutional FX platform.
Wald had come to Knight via Knight’s acquisition of the algorithmic trading company he co-founded, EdgeTrade. Knight bought EdgeTrade for $59 million in 2007. Wald had continued since the acquisition as head of Knight Direct, Knight Capital’s institutional electronic trade execution business.
Gain GTX today already accounts for the majority of Gain Capital’s overall trading volumes (64% in Q3-2012), but yet just a small fraction (11%) of Gain’s trading revenues, due to the much slimmer margins in the institutional business.
For the Gain Capital press release click here.
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