Heads roll at ICAP as FX volumes fall
Gil Mandelzis replaces David Rutter as head of FX (ICAP EBS).
Leading electronic broker ICAP announced today that the head of its electronic broking business, David Rutter, is leaving the company after eight years at ICAP. Rutter's responsibilities will be divided into two, with the fixed income business separated from Forex.
ICAP's Forex ECN business, the largest Forex ECN globally, will now be run by Gil Mandelzis, who joined ICAP in 2007 after his VC-backed software startup Traiana was acquired by ICAP for $247 million. Traiana provides post-trade processing for FX transactions, and has been a consistent bright spot at ICAP. Recent client wins for Traiana include FxPro, and becoming the first provider to be certified by the CME Group for the submission of OTC FX Derivatives for clearing.
The management shakeup follows a prolonged slump for ICAP in its Forex volumes (see chart below), as we have reported over the past few months, caused in part by declining industry volumes as well as (in our view) losing market share to other Forex ECNs.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.