ICAP, an interdealer broker and provider of post-trade services, will be combining EBS, its FX electronic trading platform, with BrokerTec, its fixed income platform, officials say.
The new platform will be known as EBS-BrokerTec and will allow ICAP “to leverage BrokerTec’s market leading platform, client relationships and strong 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,” according to a company statement.
Together, the two platforms currently serve more than 3,300 customers in over 50 countries, across a range of instruments, officials say.
Michael Spencer, group chief executive at ICAP, will become EBS-BrokerTec’s chairman while Gil Mandelzis, EBS’s CEO since 2012, will become CEO of EBS-BrokerTec, officials say.
Seth Johnson will step down as BrokerTec’s CEO but will remain as a member of ICAP’s global executive management group. Richard Kerschner, head of corporate development at EBS, has been appointed interim CEO of BrokerTec.
“Bringing EBS and BrokerTec together will allow us to deliver new products and reach new client segments,” says Spencer, in a statement. “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.”
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