ICAP’s EBS BrokerTec forms combined Executive Management Team

EBS BrokerTec, the electronic foreign exchange and fixed income business of ICAP plc (LON:IAP), today made the next step in its integration by introducing a combined EBS BrokerTec Executive Management Team.

The formation of such a team is set to enable the business to leverage key functions across the division, including combined product, technology and sales groups.

The central limit order book (CLOB) businesses of EBS Market and BrokerTec have been combined into a single business division now referred to as EBS BrokerTec Markets. In addition, the BrokerTec CLOB business will now be referred to as BrokerTec Market.

Dan Cleaves and Darryl Hooker will run jointly EBS BrokerTec Markets as Co-Heads.

ebsbrokertec-logoMr Cleaves most recently served as CEO of BrokerTec’s North America business, having previously been Global Head of Product for both BrokerTec Market and EBS Market. He will continue to be based in New York. Most recently he held the position of Global Head of EBS Market and has played a critical role in new business initiatives with a specific focus on emerging markets. Mr Hooker will continue to be based in London.

Arthur D’Arcy and Viral Tolat have been appointed as Global Co-Head of Product for EBS BrokerTec. Mr D’Arcy will keep his existing role as Chief Information Officer for ICAP Global Broking and Group Head of Infrastructure IT. Both he and Mr Tolat are based in New York.

Gerard Varjacques has been named Head of Sales for EBS BrokerTec, having previously been Head of Sales for EBS.

Dan Cleaves, Darryl Hooker, Arthur D’Arcy, Viral Tolat and Gerard Varjacques will sit on the newly formed EBS BrokerTec Executive Management Team alongside: Rafi Vasserman, Jason Cohen, Eliran Glazer, Jeff Ward, Richard Kerschner, Justyn Trenner, Paul Allmark, Victoria Mellor and Harriet Oliver.

Gil Mandelzis will continue to lead as CEO.

In addition, Phil Harris joins EBS BrokerTec as Head of EBS Market. Mr Harris joins from NASDAQ where he was Head of FX Strategy & Initiatives with responsibility for global strategy and product design for FX products. Prior to this he held roles at 360T, FXMarketSpace and the Chicago Mercantile Exchange. He will be based in New York.

Gil Mandelzis, CEO of EBS BrokerTec, said: “Following the combination of ICAP’s EBS and BrokerTec businesses in November, we have reached a meaningful milestone in the integration of the businesses. Under the new EBS BrokerTec Executive Management Team, we look forward to expanding the diverse range of liquidity and trading styles that we offer our customers.”

“Both EBS Market and BrokerTec Market are critical to the long-term growth of our business. By combining them into one CLOB business division, we are leveraging the strong synergies in technology, operations and sales to provide robust and innovative CLOB solutions for the fixed income and foreign exchange markets. Under Dan and Darryl’s expert leadership, we will continue to grow and provide a stable and efficient trading environment for our customers.”

To view the official announcement on the new management team, click here.

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