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Mandelzis Handed Control of EBS and BrokerTec

Icap is to combine its electronic fixed income platform BrokerTec with EBS as part of a drive to build client and product numbers as well as potentially target new asset classes.

Profit & Loss understands that there is no expected impact on head count for either firm as a result of the merger.

The combined business, to be known as EBS-BrokerTec, will be led by Michael Spencer, Icap group chief executive, who becomes chairman of the new unit.

Gil Mandelzis, currently CEO of EBS, will also take over as CEO of the new EBS-BrokerTec business.

The appointment is being seen in the industry as a reward for Mandelzis’ efforts to transform EBS from a single to a multi-product company. Mandelzis also founded Traiana, a provider of post-trade and risk management services, and ran that business when it was acquired by Icap in 2007. He has led EBS since March 2012.

Seth Johnson will step down as the CEO of BrokerTec but remains on Icap's global executive management group. 

Richard Kerschner, head of corporate development at EBS, has been appointed as the interim CEO of BrokerTec.

According to Icap, the move will allow the newly created business to deliver “unique products and services to the industry” and expands the addressable market of both platforms.
“Bringing EBS and BrokerTec together will allow us to deliver new products and reach new client segments,” adds Spencer. “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.”

Profit & Loss

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