Leading electronic broker ICAP announced today that it has hired Andy Coyne to head ICAP’s Traiana unit. Traiana provides financial institutions with solutions to automate post-trade processing of financial transactions, and has had particular success selling its product among the e-trading community, especially to FX brokers and FX prime brokers.
Coyne was hired from Citi, where he headed Citi’s FX Prime and eCommerce Product. He replaces Gil Mandelzis, Traiana’s founder who joined ICAP when his company was acquired by ICAP in 2007 for $247 million. Coyne will actually report to Mandelzis, who was promoted within the ICAP world to head ICAP-EBS, ICAP’s electronic Forex trading platform, as part of a managment shuffle at ICAP earlier this year. EBS has suffered more than other Forex ECNs with a severe decline in volumes, apparently losing market share to smaller ECNs such as FXall and Hotspot FX.
For more information of the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.