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EBS BrokerTec Announces New Management Structure

EBS BrokerTec has announced a new management structure, naming Dan Cleaves and Darryl Hooker co-heads of EBS BrokerTec Markets, and the addition of Phil Harris, who joins EBS BrokerTec as head of EBS Market.

Cleaves 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. He will continue to be based in New York. Hooker 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, officials say. Hooker will continue to be based in London.

Meanwhile, 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. D’Arcy will retain his existing role as chief information officer for ICAP Global Broking and Group head of infrastructure IT. Tolat was previously global head of product for EBS, having joined the firm in 2013 from Integral, which he co-founded in 1993. Both are based in New York.

Gerard Varjacques has been appointed head of sales for EBS BrokerTec, having previously been head of sales for EBS. He will focus on generating new business across the group and continue to be based in New York.

Cleaves, Hooker, D’Arcy, Tolat and 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.

Harris joins from NASDAQ where he was head of FX strategy and 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 Cleaves and Hooker.

Officials say the new EBS BrokerTec executive management team is part of the next phase of its integration. “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,” says a statement.

Mandelzis says: “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,” adds Mandelzis.

Michelle Hemstedt

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