According to publicly available information via LinkedIn, GAIN Capital (NYSE:GAIN) has hired industry veteran Diego Cortes to expand its operations in Latin America. Mr. Cortes has been appointed as Director and Head of Latin America FX Trading at GTX, the institutional arm of the U.S. brokerage.
The experience that Mr Cortes brings to GAIN Capital (NYSE:GAIN) dates a long while back. His first position listed on his LinkedIn profile dates to 1989, when he served as a Senior FX Trader at Bank of America making the market for the USD/CHF pair and other CHF crosses.
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Mr. Cortes returns to the ranks of GAIN Capital (NYSE:GAIN) after almost three years spent as a Managing Director at LATAM FX Partners. In his previous role at GAIN Capital (NYSE:GAIN), between 2006 and 2013, he managed the broker’s institutional FX trading services division.
As Finance Magnates exclusively reported last month, GAIN Capital (NYSE:GAIN) has been revamping its institutional business, as it adapts to changing market conditions. Last quarter, the company also reported an $8.8 million loss, due to adverse trading conditions in indices. One can not help but wonder, how extreme volatility across stock markets will affect the broker’s bottom line in Q3.
Speaking to a number of brokers last week, a Finance Magnates’ investigation revealed that most of the brokers in the retail FX and CFDs trading industry were weathering the volatility spike just fine, with some reporting record volumes and classifying market conditions as favorable.