GAIN Capital’s GTX unit has just concluded the establishment of a new office in Switzerland. The company chose the financial capital of Zurich for the establishment of its second office in Europe. The move comes amid increasing demand from local banks and hedge fund managers, a traditional stronghold of the Swiss economy.
Commenting to Finance Magnates, a spokesperson for GTX shared that Zurich is a significant center for FX trading and asset managers and banks there represent a key GTX client segment.
Contingent on regulatory permissions, the new office of the company will also service clients throughout Europe.
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The new office of GTX will be headed by Director of Institutional Sales, Antonio (Toni) Fañanas. The company shared with Finance Magnates that the new office doesn’t have a target head count and the firm will be adding new staff selectively to support new growth.
GTX outlined in its official announcement on the opening of its new office that during the first quarter of the year, trading volumes from regional banks increased 154 percent. Activity on the part of quants and algo traders, which include hedge funds and non-bank liquidity providers, rose by 143 percent.
Commenting on the launch, the CEO of GTX, Vincent Sangiovanni, said: “Switzerland is an important center for banks and asset managers, which are two market segments driving the expansion of trading volumes on the ECN.”
GAIN Capital’s GTX unit has seen strong growth on a year-on-year basis in recent quarters. The company’s institutional business has benefitted from increased interest in its offering and has grown its market share when compared to well established electronic communications networks like Hotspot and Reuters.