Wald will oversee GTX, Gain Capital’s electronic communications network, or ECN, used by hedge funds and institutions for currency trading, according to a statement e- mailed by the company. He will report to Glenn Stevens, chief executive officer of the Bedminster, New Jersey-based company, and will work from the New York office.
Wald was head of Knight Direct, the Jersey City, New Jersey-based financial company’s unit that provided algorithms or electronic trading strategies to institutional investors seeking to buy or sell shares. Earlier he was chief executive officer of EdgeTrade Inc., which Knight bought in 2008 for about $58 million, according to a regulatory filing.
Gain Capital said last month it was acquiring the U.S. individual accounts of GFT Forex, which was closing its American retail foreign-exchange business. It bought Deutsche Bank AG’s retail currency trading business in 2011.
Shares of Gain Capital were unchanged (GCAP:US) at 11 a.m. in New York compared to yesterday’s closing price of $4.19. The stock has risen 2.4 percent this year.
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