Tom Flanagan Leaves GTX after 10 Years, Joins TP ICAP as Trading Head
- He worked on GTX under two owners of the business, GAIN Capital and Deutsche Börse.
- TP ICAP is strengthening its digital asset business with hirings and partnerships.

Tom Flanagan, a long-term executive in the forex industry, announced on Thursday that he joined the digital assets team of TP ICAP as the Head of Trading.
The appointment came when TP ICAP was strengthening its upcoming digital asset offerings by adding market makers
Market Makers
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Read this Term. The upcoming over-the-counter spot trading service will target institutions.
A Forex Expert
He brings a strong financial background to his new role. He spent the last decade in the forex industry.
He joined TP ICAP from 360 Trading Networks, which is Deutsche Börse Group’s global FX unit. There, he spent four years, parting as the Global Head of Liquidity Management. Before that, he was with Gain Capital and worked on GTX until the ECN business was sold to 360T in mid-2018.
“After 10 years with GTX under both Gain Capital and 360T, it is bittersweet to share that I will be starting a new chapter in my career. Over this period I’ve worked with great people across both firms. I am truly thankful to both my colleagues and our clients for the impact they have had on shaping me professionally and personally,” Flanagan added.
Meanwhile, TP ICAP, which bought Liquidnet last year, is witnessing a jump in its quarterly revenue. Furthermore, the company is doubling down on its institutional forex business and is launching a Singapore-based electronic FX trading platform.
Tom Flanagan, a long-term executive in the forex industry, announced on Thursday that he joined the digital assets team of TP ICAP as the Head of Trading.
The appointment came when TP ICAP was strengthening its upcoming digital asset offerings by adding market makers
Market Makers
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Read this Term. The upcoming over-the-counter spot trading service will target institutions.
A Forex Expert
He brings a strong financial background to his new role. He spent the last decade in the forex industry.
He joined TP ICAP from 360 Trading Networks, which is Deutsche Börse Group’s global FX unit. There, he spent four years, parting as the Global Head of Liquidity Management. Before that, he was with Gain Capital and worked on GTX until the ECN business was sold to 360T in mid-2018.
“After 10 years with GTX under both Gain Capital and 360T, it is bittersweet to share that I will be starting a new chapter in my career. Over this period I’ve worked with great people across both firms. I am truly thankful to both my colleagues and our clients for the impact they have had on shaping me professionally and personally,” Flanagan added.
Meanwhile, TP ICAP, which bought Liquidnet last year, is witnessing a jump in its quarterly revenue. Furthermore, the company is doubling down on its institutional forex business and is launching a Singapore-based electronic FX trading platform.