ICAP, the world’s leading interdealer broker, has restructured its electronic division (IEB) to separate the reporting lines for the FX and Fixed Income businesses. Gil Mandelzis has been appointed CEO of EBS, reporting to Michael Spencer. Gil will continue to be responsible for Traiana.
The electronic Fixed Income business will continue to be run on a regional and product basis by Dan Cleaves and John Edwards who will report to John Nixon.
As a result of this restructuring, David Rutter has decided to leave the Group.
Michael Spencer, Group CEO of ICAP, said: "This structure better reflects changing market dynamics, particularly in the FX space. Gil has enormous experience and depth of knowledge of the market and changing customer needs in this asset class. We are grateful to David for his energetic leadership of IEB during the last eight years and we wish him well in his future endeavours."
The Group will continue to report the electronic, voice and post trade segments of the business separately.
