And two become one – a new low-touch trading platform that is.
ICAP, a leading markets operator and provider of post-trade risk mitigation and information services, announced that it will combine its electronic businesses EBS and BrokerTec.
The combined business, which will be known as EBS-BrokerTec, will allow ICAP to leverage BrokerTec’s trading platform, client relationships and strong team, as well as EBS’s technology pipeline, to deliver unique products and services to the industry and manage cost efficiencies.
EBS and BrokerTec are two electronic trading platforms in FX and fixed-income trading, respectively.
Michael Spencer, ICAP Group chief executive, will be chairman of unified EBS-BrokerTec.
“Bringing EBS and BrokerTec together will allow us to deliver new products and reach new client segments,” Spencer said . “We have demonstrated that we are able to deliver successful new trading solutions with the launch of EBS Direct last year, which has experienced exceptional volume growth. We want to continue to expand our addressable market with the launch of innovative products into other asset classes. I look forward to working closely with Gil and the team in this exciting phase of growth.”
Gil Mandelzis, current CEO of EBS, will become chief executive of the new EBS-BrokerTec business. He il founded Traiana, a provider of post-trade and risk management services acquired by ICAP in 2007, and has led EBS since March 2012.
Seth Johnson will step down as the chief executive of BrokerTec but remains on ICAP’s global executive management group. Richard Kerschner, head of corporate development at EBS, has been appointed as the interim CEO of BrokerTec.
These platforms offer electronic trading solutions to more than 3,300 customers in over 50 countries across a range of instruments including spot FX, U.S. Treasuries, European government bonds and EU and U.S. repurchase agreements.
