Electronic-trading firm Arxis Capital Group has hired Joe Ricciardi to head its client trading and sales group in New York.
Ricciardi started at the New York-based firm last month. He joined from KCG Holdings Inc., where he worked since 1995, including as head of cash trading, according to the statement.
In his new role, Ricciardi will build relationships between retail broker-dealers and Arxis, which makes markets and provides liquidity in stocks, futures and exchange-traded funds. The firm was set up by a group of former Bank of America Corp. traders when the lender shuttered its electronic market-making business in 2014.
“The retail client is becoming increasingly sophisticated, and they continue to grow in the number of products they trade and the frequency with which they’re trading,” Ricciardi said in an interview. “People are very self-empowered about their own assets today versus 20 years ago.”
Market-making is becoming increasingly competitive, as a growing number of non-banks capitalize on a pullback by some lenders that are saddled with regulations inhibiting their trading capabilities.
Despite losing its U.S. and Asia heads of trading in 2015, Arxis has tripled its headcount to more than 60 professionals in the last two years. The company, which uses algorithms to buy and sell securities, operates from New York, London and Hong Kong.