EBS BrokerTec, ICAP Plc’s (LON: IAP)’s electronic fixed income and foreign exchange (FX) business, has announced that it has hired senior fixed income professional, Nicole Shumpert from Tradeweb, to bolster its BrokerTec Direct team. BrokerTec Direct is a new service which provides relationship-based, disclosed liquidity to the fixed income market.
The service leverages the EBS Direct model to provide customers with a new mechanism for trading fixed income. Launched in November 2012, EBS Direct offers disclosed trading to foreign exchange market participants through multiple execution methods such as request for quote (RFQ) and direct streaming for FX spot, swaps and options transactions. Having successfully expanded EBS BrokerTec’s addressable market to include a growing number of non-traditional participants, the business is now expanding this service to fixed income customers.
Led by Serge Marston, Global Head of BrokerTec Direct and formerly Head of Fixed Income e-commerce at Deutsche Bank, the new service enables liquidity providers (LPs) to stream tailored prices directly to liquidity consumers (LCs) in a disclosed environment. BrokerTec Direct is in beta testing phase with US Treasury (UST) Actives and will extend to other fixed income products in the near future.
Shumpert joins EBS BrokerTec as Head of BrokerTec Direct, Americas on August 1, 2016 and will report to Serge Marston. Previously, Director and Head of US Treasuries Market Development at Tradeweb, Nicole has significant institutional, dealer-to-client experience. In her new role, Shumpert will be responsible for the expansion of the BrokerTec Direct service and roll out to the US market.
Serge Marston, Global Head of BrokerTec Direct, said:
As the fixed income market continues to evolve due to regulation and structural change, participants will benefit from alternative sources of liquidity and execution models. BrokerTec Direct is a timely and relevant solution which we believe has a strong future and will serve our customers and the market well. We welcome Nicole to the EBS BrokerTec team and look forward to working with our customers to provide them with a new style and venue for fixed income trading.”
Gil Mandelzis, CEO EBS BrokerTec, said:
Consistent with our EBS BrokerTec strategy to expand our addressable market, EBS Direct has been extremely successful in providing our expanded customer base with multiple execution options. It is the proven success of this platform and the strength of our BrokerTec franchise which has attracted such exceptional leadership as Serge and Nicole and we are proud to have them join our team. From the current incubation phase, they will lead the development of the product into a fully-fledged offering suited for all customer types across a broad range of rates products over the next couple of years.”