GAIN Capital has appointed Joseph Wald as executive vice president, head of institutional. Wald (pictured) will be responsible for leading GTX, GAIN Capital's institutional business. He will report directly to chief executive Glenn Stevens and will be based in GTX's New York offices.

Wald was most recently head of Knight Direct, Knight Capital Group's institutional electronic trade execution business. Prior to Knight Capital Group, he was co-founder and chief executive of EdgeTrade, which served as an agency brokerage and developer of algorithmic trading and direct market access software for equity markets.