Company to increase focus on solutions as regulation reshapes the FX Market
GTX, the institutional foreign exchange trading arm of GAIN Capital Holdings Inc. (NYSE: GCAP), has announced the appointment of Edward Brown as Chief Executive Officer of GTX SEF, LLC, a Swap Execution Facility (SEF).
Mr. Brown joins with over 25 years’ experience in the financial services industry. Previously, he headed strategic initiatives at EBS BrokerTec, having also served in a variety of senior roles in ICAP plc (LON:IAP)’s electronic trading division. While there, Mr. Brown focused on regulatory matters related to OTC derivatives with a particular emphasis on the Dodd Frank Act and served as a Board Member of the Wholesale Market Brokers’ Association Americas. Prior to ICAP, Mr. Brown headed new business development at BrokerTec, which was acquired by ICAP in 2003.
A graduate of the United States Naval Academy, Mr. Brown served five years in the United States Navy as a Surface Warfare Officer.
Vincent Sangiovanni, Director, GTX SEF, LLC., said:
We are thrilled to have Ed join our team, especially at this key time when regulation is reshaping the FX markets. We look forward to supporting clients with the SEF and other solutions to enable them to compete effectively in the new trading paradigm.
GTX launched its SEF in 2013 at the request of clients seeking to trade non-deliverable forwards (NDFs) on a CFTC compliant platform. It was granted full SEF registration in May 2016 after operating under temporary registration status for over two years.
Edward Brown commented:
I am excited to be joining the GTX team and work with both clients and staff to deliver highly innovative and intuitive solutions for the evolving FX trading, clearing and regulatory landscapes. GTX’s unique ecosystem of electronic trading venues and voice agency execution services provides tremendous value to institutional FX traders and I look forward to driving the business forward.
In addition to SEF and ECN electronic venues, GTX provides anonymous, “voice” agency execution services through GAIN GTX LLC, a US CFTC provisionally registered swap dealer.