Capital Index founder Rob Woolfe has joined GKFX Financial Services as the company's CEO. Woolfe’s appointment comes two months after Brian Myers, GKFX’s former CEO, resigned from the firm.

Myers was only in the role for a year and a half. He was appointed in December of 2017 after Serkan Arli resigned from the firm along with his compatriot, and former CFO, Kasim Garipoglu.

Woolfe takes up his new role having spent over a decade in the industry. He began his career working in sales with IG Index, now a part of IG Group.

He left the firm to become Head of FX with ETX Capital. Ishaq Siddiqi, a former Market Strategist with ETX, told Finance Magnates in 2013 that Woolfe was “was instrumental in setting up the FX desk” for ETX.

Going alone

In the same year, Woolfe departed from ETX to start his own firm, Capital Index. The retail broker was launched in early 2014 and received regulatory approval from the Cyprus Securities and Exchange Commission in the same year and from the British Financial Conduct Authority in 2015.

What the nature of Woolfe’s relationship will be with Capital Index remains to be seen. The firm reported extremely positive results for the last fiscal year, having more than doubled its profits from the previous year.

Woolfe’s appointment to head up GKFX also comes at a time of turmoil for the industry. New Regulation from the European Securities and Markets Authority looks set to severely restrict retail trading activities, most notably on contracts for differences.