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MarketFactory Hires Toland as Sales Head, Interactive Brokers’ Fortunes Rise

MarketFactory, a leading foreign exchange software and services provider, has hired Steve Toland to the role of Vice President of Sales. Toland will help propel the company’s access into new markets and improve monitoring technologies.

Before joining LMAX Exchange, Toland previously worked at LMAX Exchange as the Head of LMAX Interbank, where he helped play a key role in boosting the firm’s interbank liquidity pile. He also worked in various senior roles in sales in Thomson Reuters and ICAP’s EBS.

Commenting on Toland’s appointment, Darren Jer, the COO of MarketFactory, said: “With Steve’s market knowledge and client service ethic, we’re fully expectant that he’ll help our clients be even more successful in their trading.”

Meanwhile, U.S. retail FX broker Interactive Brokers Group, Inc, published its trading metrics for October 2014, which showed the company’s fortunes improved from September.

Daily Average Revenue Trades (DARTS) grew 18 percent MoM to 660,000 from 577,000 in September 2014. They also went 33 percent up YoY from October 2013. Total client equity grew $55.7 billion last month, up from $54.9 billion in September 2014. This translates to a growth rate of 1 percent MoM and 29 percent from the previous year in October 2013.

The customer numbers also grew, with the number of accounts rising 1 percent to 275,000 accounts last month, compared with 272,300 accounts netted in September 2014. The client accounts increased 18 percent from the previous year, weathering a global trading activity slowdown.

Options contracts increased 34 percent month-on-month to 32,208 contracts in October 2014, and also grew 27 percent from the previous year. Futures contracts increased 36 percent month-on-month to 12,629 contracts in October 2014.

 

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