New management team at merged EBS BrokerTec

Back in Dec 14, ICAP announced they were merging their two leading trading platform business divisions EBS (FX) and BrokerTec (Rates) into a single operation called EBS Brokertec Markets. Today the firm announced a new executive management team to drive the combined business forward.

According to the company, this will allow the business to leverage key functions across the division, including 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.

EBS BrokerTec Markets will be led jointly by Dan Cleaves and Darryl Hooker as Co-Heads. Dan 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. Dan will continue to be based in New York. Darryl 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. Darryl will continue to be based in London.

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. Arthur 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 Arthur and Viral are based in New York.

Gerard Varjacques has been appointed Head of Sales for EBS BrokerTec, having previously been Head of Sales for EBS. Gerard 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 joins EBS BrokerTec as Head of EBS Market. Phil 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 Dan and Darryl.

Gil Mandelzis, CEO of EBS BrokerTec, said:

“Following the combination of ICAP’s EBS and BrokerTec businesses in November, we have reached a meaningful milestone in the integration of the businesses. Under the new EBS BrokerTec Executive Management Team, we look forward to expanding the diverse range of liquidity and trading styles that we offer our customers.

“Both EBS Market and BrokerTec Market are critical to the long-term growth of our business. By combining them into one CLOB business division, we are leveraging the strong synergies in technology, operations and sales to provide robust and innovative CLOB solutions for the fixed income and foreign exchange markets. Under Dan and Darryl’s expert leadership, we will continue to grow and provide a stable and efficient trading environment for our customers.

“I am pleased that Phil Harris has decided to join us. Phil has over 25 years’ experience in the foreign exchange markets spanning voice broking, exchange and e-OTC. We have seen great innovation and growth in new products and functionality at EBS Market over the past couple of years. I am confident that under Phil’s leadership and supported by the EBS-BrokerTec team, EBS Market will continue to grow market share and its leadership position in the market.”

<related: ICAP results, refocus of business on facilitating market efficiency and access to liquidity>

Editors personal note: I wish Phil much success in his new role. He is an excellent choice, and as mentioned above, has a wealth of experience in the FX business and I am sure he will add great insight and value to EBS as they look to expand their offerings. Given that Phil has come most recently from Nasdaq, perhaps we may see the launch of some new capital efficiency initiatives around FX clearing?

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