Exclusive: Sources say new GKFX CEO Brian Myers makes his entire annual target in less than a week

Just two weeks after former OANDA Europe executive Brian Myers joined GKFX as CEO, the GBP flash crash occurred. The company benefited from it and Mr. Myers completed his annual target within a matter of just a few days.

For the most part, upward career moves in the FX industry are made as calculated choices, and the responsibilities that come with them are taken in stages, with specific targets on the side of the company as well as the executive.

There are very few surprises at senior executive level, especially within London’s highly developed electronic trading ecosystem whose leaders are astute, accomplished pinnacles of the entire industry.

At GKFX, however, things have been somewhat different, especially during the past few months.

The FCA regulated, British division of the Turkish-owned retail FX brokerage has had two very short term occurrences at CEO level, the first being the departure from the company of Joe Rundle after just four days in the office. Mr. Rundle joined  GKFX as Managing Director in September after spending 12 years at British spread betting stalwart ETX Capital, where he was Head of Trading and Partnerships between July 2010 and August this year, preceded by Head of CFDs and Execution between 2004 and 2010.

As Mr. Rundle moved on to join ThinkMarkets, where he is now Head of Dealing, GKFX drafted in a new CEO, this time Brian Myers, who joined GKFX from OANDA Corporation’s European division OANDA Europe VP where he was VP Sales for Europe, the Middle East, and Africa (EMEA), and the Americas.

Short term events with remarkable consequences sometimes come together, and in the case of GKFX’s senior executives that is certainly the case.

Just two weeks after joining GKFX, Mr. Myers was at the helm when the GBP flash crash occurred in early October. He had been set an annual target when joining the company, which was quite a lofty figure in terms of the amount of revenue he was expected to bring to the company, however instead of taking an entire year to attempt to accomplish this task, it took him just two weeks.

According to a number of sources close to the matter in London, GKFX had profited to such a large degree during the flash crash and had been offering very low spreads and had low (possibly zero) market exposure, that Mr. Myers cleared his annual target in just a matter of a few days, demonstrating that in some cases, unexpected market events can boost one’s career just as easily as cause damage.

Further research into this by FinanceFeeds concluded that whilst a number of sources close to the matter had drawn this conclusion, it must be borne in mind that common practice among many firms when appointing senior executives is to continue to cement the terms of their targets and other aspects of their agreements over a period of time subsequent to them joining a company.

On this basis, this must be viewed with a balanced perspective, and whilst a series of executives in London are privy to information that has demonstrated that Mr. Myers may well have exceeded a target after just two weeks, significant consideration must be given to a possibility that Mr. Myers’ actual targets and set of responsibilities for the year ahead are still in the making.

The execution models employed by a spectrum of firms as well as their risk management techniques is of great interest during times in which extreme market volatility is caused by sudden events, and thus FinanceFeeds is in the process of making a full investigation into this in the interests of transparency.

Read this next

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

Retail FX

Hantec Markets wins six categories at Global Retail Forex Awards 2022

Hantec Markets has recently rebranded with a new website and a renewed growth strategy that features the #TimeToStrike hashtag to signify a time of renewed growth for the broker.

Industry News

Nexo sued for operating crypto brokerage without license and lying about it

“Nexo violated the law and investors’ trust by falsely claiming that it is a licensed and registered platform. Nexo must stop its unlawful operations and take necessary action to protect its investors.”

Industry News

Apex Group launches EU Taxonomy Solution as part of ESG offering

“Enabling our in-scope clients to demonstrate alignment with the EU Taxonomy is only the beginning – with over twenty green taxonomies in place, in development or under discussion worldwide it is crucial that investors act to understand and report taxonomy alignment data sooner, rather than later.”