Gain Capital hires new chief for GTX

Gain Capital has appointed Joseph Wald, formerly head of Knight Capital's institutional electronic trading business, Knight Direct, as executive vice-president and head of institutional.

Wald will be responsible for leading GTX, Gain's institutional foreign exchange business that launched in 2010. Based in New York, he will report to Glenn Stevens, chief executive of Gain Capital.

"Joe is a talented visionary with the proven ability to grow trading volumes and build innovative product and service offerings for leading institutional platforms. Institutional trading is an important part of our growth strategy and having Joe lead this part of the business will help us build on the success we've had to date and achieve our goal of becoming a market-leading electronic communication network in the FX space," says Stevens.

Prior to joining Knight Capital, Wald was co-founder and chief executive of agency brokerage and algorithmic trading provider EdgeTrade, which was acquired by Knight Capital in 2008.

"Performance and innovation are crucial to institutional FX, given the significant number of competing venues and platforms. I'm looking forward to leveraging almost 20 years of experience in the equity world to bring a new level of innovation to the institutional FX space and help differentiate GTX from the competition," says Wald.

Institutional trading is an important part of our growth strategy and having Joe lead this part of the business will help us build on the success we've had to-date