GFI Group Hires James Toffey as Global Electronic Markets Head
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James Toffey, the former chief executive officer of bond- and derivatives-pricing service Benchmark Solutions Inc., has joined GFI Group Inc. as global head of electronic markets, the company said today in an e-mailed statement.
New rules requiring that swaps in the $633 trillion over-the-counter derivatives market be traded on regulated exchanges or similar systems is moving more transactions to electronic venues. GFI Group, based in New York, offers customers hybrid trading via phone or screen-based systems and sees the move to more computer-based executions coming, said CEO Colin Heffron.