Reports this Thursday suggest that Dmitri Galinov has left his position as Chief Executive Office of FastMatch. According to FX Week, Galinov will be replaced by Kevin Wolf who is currently on the FastMatch board of directors.
The reasons behind Galinov’s departure are currently unclear. The firm was acquired by exchange operator Euronext in mid-2017, and it is conceivable that the machinations of that deal could have affected Galinov in some way.
Performance certainly can’t have been the problem. FastMatch, an electronic communication network (ECN) for trading FX, has outperformed its peers for the past few years.
It was because of this, along with a desire to keep up with its competitors, that Euronext bought the ECN. The exchange operator paid FXCM $55.6 million last year to take control of 90 percent of the company.
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At the time of the acquisition, Galinov seemed upbeat about his firm’s new owners. In a forward-looking statement, he claimed that FastMatch’s technology would “serve as catalyst to Euronext’s strategic ambitions in growing into the FICC in Europe.”
Unless something drastic has prompted Galinov’s departure from the firm, it seems unlikely that he will be out of work for long. The departing CEO has a huge amount of experience having previously headed up Credit Suisse’s Crossfinder and helped establish it as one of the largest dark pools in the United States.
Prior to his stint with Credit Suisse, he was Director of Strategy for Direct Edge. He helped grow the company into one of the largest players in the US equities market.
Finance Magnates reached out to Galinov for comment on this story but no reply was forthcoming. FastMatch issued a statement to Finance Magnates that provided no reason for Galinov’s departure. The company stated only: “Kevin Wolf will assume the additional role of FastMatch CEO. He succeeds Dmitri Galinov who has left the Company.”