Exclusive: Longtime FXCM Exec, Adam Toro, Leaves to Head New UK Broker GCM Prime
- Adam Toro leaves FXCM to head GCM Prime- a new UK prime brokerage firm servicing brokers, HFT funds and asset managers.
As large banks are contracting their FX Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term businesses or leaving altogether, an opportunity has been created for smaller players to enter the market. Typically using a prime of prime (PoP) model, these smaller prime brokers are customers of larger banks and offer credit that is extended to them by these banks to their customers. Among the PoP firms that have been able to grow their businesses supporting the now under-served retail broker and smaller hedge fund and asset manager segment are Sucden Financial, FC Stone and more recent entrant Saxo Bank.
Adding to the list of prime providers is GCM Prime, a new UK regulated broker. Headed by longtime FXCM executive Adam Toro, who left the retail broker to take on the CEO role, GCM Prime will be providing an end to end solution for brokers including white label trading platforms, back office solutions and access to Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term from numerous trading venues. The firm also plans on targeting high frequency traders who can integrate their aggregated liquidity streams via API. Available liquidity will include FX, CFDs and metal trading.
Arriving from FXCM, Toro has been working at the retail broker since 2003. During his tenure with FXCM, he has served in a number of senior roles, including most recently as its Vice President, Institutional Sales and Business Development. In his new CEO role, he will be tasked with focusing on growing GCM Prime’s B2B business among brokers, corporates and other channels.
Mr. Toro commented on the appointment in a recent statement to Finance Magnates: “As an industry leader, FXCM afforded me tremendous opportunities to grow and to learn all facets of the brokerage business. With GCM Prime poised to take advantage of the highly fragmented market space, the opportunity to build a team of experienced professionals was too enticing to pass up.”
As large banks are contracting their FX Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term businesses or leaving altogether, an opportunity has been created for smaller players to enter the market. Typically using a prime of prime (PoP) model, these smaller prime brokers are customers of larger banks and offer credit that is extended to them by these banks to their customers. Among the PoP firms that have been able to grow their businesses supporting the now under-served retail broker and smaller hedge fund and asset manager segment are Sucden Financial, FC Stone and more recent entrant Saxo Bank.
Adding to the list of prime providers is GCM Prime, a new UK regulated broker. Headed by longtime FXCM executive Adam Toro, who left the retail broker to take on the CEO role, GCM Prime will be providing an end to end solution for brokers including white label trading platforms, back office solutions and access to Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term from numerous trading venues. The firm also plans on targeting high frequency traders who can integrate their aggregated liquidity streams via API. Available liquidity will include FX, CFDs and metal trading.
Arriving from FXCM, Toro has been working at the retail broker since 2003. During his tenure with FXCM, he has served in a number of senior roles, including most recently as its Vice President, Institutional Sales and Business Development. In his new CEO role, he will be tasked with focusing on growing GCM Prime’s B2B business among brokers, corporates and other channels.
Mr. Toro commented on the appointment in a recent statement to Finance Magnates: “As an industry leader, FXCM afforded me tremendous opportunities to grow and to learn all facets of the brokerage business. With GCM Prime poised to take advantage of the highly fragmented market space, the opportunity to build a team of experienced professionals was too enticing to pass up.”