GTX Onboards Edward Brown to Head Up Swap Execution Facility

GTX, the institutional foreign exchange trading arm of GAIN Capital Holdings, has announced the appointment of Edward Brown as Chief Executive Officer of GTX SEF, a Swap Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term Facility.

Brown's appointment is the latest in a series of additions at GTX. Back in August, the company hired industry veteran Thomas Reichel as Director of Institutional Sales, bringing on board 20 years experience in the foreign exchange industry, as reported by Finance Magnates.

Brown brings to this role over 25 years' experience in the financial services industry. He previously headed strategic initiatives at EBS BrokerTec, as well as serving in a variety of senior roles within ICAP's electronic trading division.

Regulatory Focus

During his tenure at ICAP, 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, Brown headed new business development at BrokerTec, which was acquired by ICAP in 2003.

Commenting on the latest appointment, Vincent Sangiovanni, Director of GTX SEF, said: "We are thrilled to have Ed join our team, especially at this key time when Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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."

Swap Execution Facility

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.

In addition to SEF and ECN electronic venues, GTX provides anonymous, 'voice' agency execution services through GAIN GTX, a US CFTC provisionally registered swap dealer.

Brown added: "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."