EBS BrokerTec, the electronic FX and fixed income business of ICAP plc (LON:IAP), today announced the acquisition of Delaware-based Molten Markets Inc., a Forex technology provider for asset managers and pension funds.
The acquisition is set to enable EBS BrokerTec to offer asset managers a sophisticated execution management system and innovative trade cost analysis. The combination of Molten Markets’ assets and technology with EBS BrokerTec’s wide distribution network and liquidity provider (LP) relationships, will allow EBS BrokerTec to provide the asset management industry with a unique range of solutions, as well as boost its offering to its LP customers.
Under the terms of the acquisition, Simon Wilson-Taylor, who is at present President and CEO of Molten Markets, joins EBS BrokerTec in New York, effective immediately. His new role will be Head of EBS Institutional FX. Mr Wilson-Taylor has more than 35 years of experience in financial services and has held key roles within the industry, including that of a founder of Global Link’s FX Connect platform. He has also held senior roles at State Street, HSBC and UBS.
Gil Mandelzis, CEO, EBS BrokerTec, said: “The acquisition of Molten Markets marks the culmination of our strategy to offer the complete OTC FX product suite to all institutional customer segments. Over the past three years, we have extended our offering from only a Central Limit Order Book to any model of execution, expanded our product coverage from spot only to any FX instrument, and expanded our customer base to include regional banks, hedge funds, the buy-side and corporates, in addition to our traditional global bank and proprietary trading audience.
“Today, we are delighted to extend the EBS BrokerTec offering to a large institutional customer segment that we were not yet serving: asset managers. We are pleased that Simon and his team have agreed to join EBS BrokerTec to lead this effort. Simon’s knowledge will be exceptionally valuable to EBS BrokerTec as we enter the real money space, and we look forward to working with this community for the years to come.”
Justyn Trenner, Global Head of Strategy, EBS BrokerTec, said: “This acquisition will allow us to address a clear and unmet need expressed to us by real money managers – to achieve demonstrable best execution from a single platform that also addresses the unique workflow challenges they face. The team at Molten Markets has developed unique tools to help asset managers make the right trade choices and demonstrate the outcomes to their asset owners.”
Simon Wilson-Taylor, President and CEO of Molten Markets, said: “We are delighted to be joining EBS BrokerTec and look forward to working together to improve and extend our customer offering. EBS is a premier provider of services to the professional FX trading community and joining the business provides our real money customers with access to an established global network and invested technology. Molten Markets’ unique range of services complements EBS’s platforms as leading providers in their respective markets and is a logical fit for our businesses.”
To view the press release on the deal, click here.