Icap Electronic Trading Chief to Step Down

EBS BrokerTec CEO Gil Mandelzis will leave the company as Icap continues with sale of voice brokerage business to Tullett Prebon.

Gil Mandelzis has been with Icap since 2007, when it acquired Traiana.

Interdealer broker Icap’s electronic foreign exchange (FX) and fixed income division EBS BrokerTec is set to lose its CEO, as Gil Mandelzis is stepping down.

Mandelzis is set to leave the company to take his career "in a different direction," although no details have been confirmed on when he will depart, according to a statement. Icap will consider both internal and external options for his replacement.

After founding pre- and post-trade processing solution provider Traiana in 2000, Mandelzis joined Icap when the business was acquired by the inter-dealer broker in 2007, taking charge of Icap's electronic FX business in 2012. When Icap merged its FX and fixed-income businesses in 2014, Mandelzis took charge of the combined EBS BrokerTec division.

The announcement comes during the ongoing sale of Icap's voice brokerage business to fellow London-based interdealer-broker Tullett Prebon, in a deal worth $1.68 billion announced last November.

"I have decided that it is a good time for me to start a new chapter," Mandelzis said in a statement. "Although I have decided to leave, I believe that EBS BrokerTec is exceptionally well positioned for growth."

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