BGC hires former Eagle Seven COO to boost algo offering

Troy Kane joins the interdealer broker as head of algorithmic client development and strategy.

Interdealer broker BGC Partners has hired former chief operating officer of proprietary trading firm Eagle Seven to boost its algorithmic trading business.

Troy Kane joined BGC in March as its new head of algorithmic client development and strategy, The TRADE Derivatives has learned.

Before leaving Eagle Seven in December last year, he led the prop firm’s business development strategy and managed its relationships with the 26 global exchanges and swap execution facilities (SEFs) it connected to.

He also led the way to Eagle Seven becoming a market maker for cleared credit default swaps (CDS) index products last year.

Prior to Eagle Seven, Kane was responsible for proprietary trading client relationships at CME Group.

A spokesperson for BGC could not be reached at the time of print.

The appointment comes as a prop trading and buy-side firms have increased electronic execution with interdealer brokers.

According to figures from Clarus Financial Technology, dealer-to client SEF volumes rose by 190% in the first eight months of 2015 compared the same year prior, accounting for some 57% of the USD swaps volumes.