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in Opinion, Profit & Loss

And Another Thing...

Change at major firms is inevitable and indeed for many a cathartic and necessary experience, but what are we to make of the changes at Icap Electronic Broking? Icap has confirmed to Squawkbox – with no further comment – that Brian Andreyko, global head of FX product and development, and Chris (Chip) Defilippo, FX product manager, have both left the firm. This follows the departure just a few weeks ago of the head of Icap Electronic Broking, Dave Rutter. Clearly, as sources inside Icap tell me, this is part of a major restructuring of the EBS business following the public announcement that it was to be hived off from the fixed income elements of IEB. The break up of IEB into different business lines is clearly a result of increasing competitive pressure. As one source at another platform expressed to me, it was a stand-off “and Icap blinked first”. This suggests to me that EBS is not the only platform feeling the squeeze from internalisation and more granular streaming from ba...

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