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Brokerage giant ICAP shook up its electronic-trading business this week with Gil Mandelzis being tapped to run the combined ICAP BrokerTec and EBS foreign exchange electronic trading platforms. This is part of broader restructuring that will allow ICAP to handle more trades directly with asset managers such as hedge funds, pension funds and insurers, without necessarily involving banks.
In a statement ICAP said the combined business, which will be known as EBS-BrokerTec, will bring together BrokerTec’s client relationships and team with EBS’s technology and innovation pipeline “to deliver unique products and services to the industry and expand the addressable market of both platforms”. The two platforms between them have more than 3,300 customers – with some overlap among larger trading institutions – in more than 50 countries and are used across a range of instruments including spot FX, US Treasuries, European government bonds and EU and US repo.
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