Mr. Saunders joins GAIN Capital from Trading 212, the place he was Chief Executive Officer of the UK enterprise for six years. He was liable for the dealer’s launch of deliverable equities with zero fee.
FX buying and selling trade veteran Nick Saunders has joined GAIN Capital as Head of Cash Equities, primarily based in London.
The retail FX dealer is managed by StoneX, previously referred to as INTL FCStone, after the completion of an all-cash transaction representing roughly $236 million in fairness worth.
Mr. Saunders joins GAIN Capital from Trading 212, the place he was Chief Executive Officer of the UK enterprise for six years. He was liable for the dealer’s launch of deliverable equities with zero fee.
The Bulgarian retail FX brokerage generated a stir in London, sizzling on the heels of the launch of its bodily deliverable equities product vary.
At the time, UK mainstream information shops reported that “for the first time in the UK’s history, anyone wanting to dabble in shares can trade away without having to pay commission as Trading 212 launches its share trading platform today.”
FinanceFeeds former CEO Andrew Saks investigated the case as there’s completely no means of taking all the chance and working a b-book when the top product is bodily deliverable at real market worth and has been supplied by the reside equities market.
The then Trading 212 CEO advised FinanceFeeds: “I can tell you that there is no smoke and mirrors. Trades in physical equities are traded either on the incumbent exchange (e.g LSE) or an MTF such as BATS. There is no spread mark up; trades are still subject to best execution requirements so we would be breaking FCA rules if there was.
“For smaller trades, we pay the minimal execution costs. Up to point it’s a marketing tool, but one that does offer genuine benefits. We estimate the actual execution costs of a trade at about £1; seen in that light, 10 free trades a month is not a massive cost, but does make you question how the more established brokers get away with such a mark up.”
As Nick Saunders enters a brand new milestone in his profession, GAIN Capital is certain to make the perfect use of his revolutionary mindset.
