All the pieces are starting to go together.
EBS BrokerTec, ICAP’s electronic foreign exchange (FX) and fixed income business, is continuing along with its integration and formed an executive management team to lead the new business.
The new management structure will allow a streamlined integration of the division, including its combined product, technology and sales groups. As a result, 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.
To that end, the firm has named Dan Cleaves and Darryl Hooker to co-head EBS BrokerTec Markets. It also named Phil Harris, formerly of Nasdaq, as head of EBS Market.
Cleaves was 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
Hooker most recently 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. He will continue to be based in London.
Also, Arthur D’Arcy and Viral Tolat have been appointed as global co-head of product for EBS BrokerTec and will work together to build on the existing strengths of the business line while continuing to launch new and innovative products. D’Arcy will retain his existing role as chief information officer for ICAP global broking and group head of infrastructure IT. Viral was previously global head of product for EBS having joined the firm in 2013 from Integral, which he co-founded in 1993. Both are based in New York.
Gerard Varjacques has been appointed head of sales for EBS BrokerTec, having previously been head of sales for EBS. He will focus on generating new business across the group and continue to be based in New York.
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 joined EBS BrokerTec as head of EBS Market. 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 and report to Cleaves and Hooker.