KCG FX market making veteran joins CBOE’s Hotspot

Mike Cahill who worked at KCG for three years will oversee sales of CBOE’s Hotspot business in Europe.

A former relationship manager within KCG’s FX market making business has joined CBOE’s Hotspot as director of FX sales.

Mike Cahill will oversee sales for European systematic trading and asset management firms, based in London and reporting in to head of European FX sales at Hotspot, Ben Leit.

Prior to KCG, Cahill worked at Nomura Securities within FXEM eCommerce sales and also worked at Morgan Stanley for more than seven years in e-FX sales having first joined the investment bank in 2006.

Leit explained the addition of Cahill will ‘strengthen’ the business in a key area of geographical focus.

“As we build new functionality and features, and broaden our ambitions for Hotspot both in established and growth markets, it’s important we maintain our long record of outstanding client service and support with a determined and expert sales team,” he said.

The appointment follows news of Virtu Financial’s decision to cut more than a third of KCG’s employees from senior positions following its acquisition of the market maker.

Overall, the headcount at KCG was trimmed by more than a third from 952 staff members to just 610.

Chief financial officer at Virtu, Joseph Molluso, told investors at the time the firm has taken necessary action to shut down businesses that were failing.