Gain Capital Hires Ex-Knight Executive Wald for Institutions ECN

Joseph Wald, the executive who left Knight Capital Group Inc. (KCG) in September, was hired by Gain Capital Holdings Inc. (GCAP), a provider of retail foreign exchange trading services.

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 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.

To contact the reporter on this story: Nina Mehta in New York at nmehta24@bloomberg.net

To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.