Just three days ago, EBS BrokerTec, ICAP Plc’s (LON: IAP) market-leading electronic foreign exchange (FX) and fixed income business, has announced that Jim Iorio joins the company as Global Head of Sales and will sit on EBS BrokerTec’s Executive Management Committee.
Today, ICAP has announced that EBS BrokerTec’s CEO, Gil Mandelzis, has decided to step down from his position and will be leaving the company in due course.
Michael Spencer, CEO of ICAP, said:
Gil Mandelzis has been a truly outstanding leader of our Electronic Markets division, playing a central role in the successful expansion and integration of the EBS and BrokerTec businesses. Gil co-founded Traiana back in 2000, a business ICAP acquired in 2007, and has undoubtedly made a lasting and meaningful contribution to the evolution of the foreign exchange (FX) and fixed income industries. He has decided, however, that his career should now take a different direction and we have accepted this.
We now begin the search for a new CEO for EBS BrokerTec and will be looking at both internal and external candidates for what is an important and very exciting role. Gil will remain in his current position meanwhile.
I would like to extend my warmest thanks to Gil for his significant contribution to ICAP over many years and for the tremendous role he has played in building the Electronic Markets division into the world class business it is today. We are very excited about the future as ICAP transitions to become NEX Group plc and whoever takes over this role will play an important part in that future.’’
Gil Mandelzis, CEO of EBS BrokerTec, said:
I am very proud of our achievements at ICAP. From Traiana’s significant growth, positioning it as a global player in pre and post trade services through to the transformation of ICAP’s electronic FX and fixed income businesses into a fully integrated multi-product offering. I have decided that it is a good time for me to start a new chapter.
I feel privileged to have had the opportunity to work closely with Michael Spencer and I have learnt so much from him during exceptional times for ICAP and the financial markets overall. I am very grateful for the guidance, partnership and support that he has given me over the years. Together we have transformed EBS BrokerTec from a single product business to a diversified multi-product business entering new markets and geographies, and creating a very strong foundation for expansion. We have built a world class team at all levels of the organisation that will continue to deliver and execute on the strategy, while innovating and collaborating with the market to best serve our customers.
Although I have decided to leave, I believe that EBS BrokerTec is exceptionally well positioned for growth. I’d like to thank everyone, especially the teams at EBS BrokerTec and Traiana, for their hard work, loyalty and commitment over the years and most notably Michael Spencer for his unwavering support and friendship.”