Gil Mandelzis has decided to
step down from his position as CEO of EBS BrokerTec, and will be leaving the
company in due course, Icap announced today.
In a statement issued today
regarding this news Michael Spencer, CEO of Icap, hails Mandelzis as “a truly
outstanding leader” of the firms’ electronic market division who has played “a
central role in the successful expansion and integration of the EBS and
He continues: “Gil co-founded
Traiana back in 2000, a business ICAP acquired in 2007, and has undoubtedly
made a lasting and meaningful contribution to the evolution of the foreign
exchange (FX) and fixed income industries. He has decided, however, that his
career should now take a different direction and we have accepted this.
“We now begin the search
for a new CEO for EBS BrokerTec and will be looking at both internal and
external candidates for what is an important and very exciting role. Gil will
remain in his current position meanwhile.”
comments that he is “very proud” of his achievements at Icap, including the
growth of Traiana as a global pre and post-trade service provider and the
significant changes that he oversaw to Icap’s electronic FX and fixed income
businesses as the two were integrated into a multi-product offering.
“I have decided
that it is a good time for me to start a new chapter,” he says. “I feel privileged to have had the opportunity to
work closely with Michael Spencer and I have learnt so much from him during
exceptional times for Icap and the financial markets overall.
“I am very grateful for the
guidance, partnership and support that he has given me over the years. Together
we have transformed EBS BrokerTec from a single product business to a
diversified multi-product business entering new markets and geographies, and
creating a very strong foundation for expansion.”
Mandelzis added that, despite
his decision to leave EBS BrokerTec, the firm is exceptionally well positioned
for future growth.
He adds: “I’d like to thank
everyone, especially the teams at EBS BrokerTec and Traiana, for their hard
work, loyalty and commitment over the years and most notably Michael Spencer
for his unwavering support and friendship.”
Mandelzis was appointed CEO of
March 2012, after David Rutter left the firm, and
in December 2014 was also handed responsibility for Icap’s electronic fixed
income platform, BrokerTec. The two businesses were subsequently integrated and
re-branded as EBS Brokertec.
Prior to his appointed as head
of EBS, Mandelzis was CEO of Traiana, which he co-founded in April 2000 and
helped grow from a small start-up to a well-established global player the in
post trade services arena, resulting
in Traiana’s acquisition by Icap in 2007.
Mandelzis has been a member of
Icap’s Global Executive Management Group since 2009. He was also appointed to
the New York Federal Reserve’s Foreign Exchange Committee, the Bank of
England’s Joint Standing Committee and the Bank of Canada’s FX Committee.