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Rutter Leaves Icap, Mandelzis Appointed CEO of EBS

Gil Mandelzis has been appointed chief executive officer of Icap’s electronic currency trading platform, EBS, taking over from David Rutter, who is leaving the company.

Mandelzis will continue to be responsible for Traiana, Icap’s post-trade processing company that he co-founded, and will remain in New York reporting to Michael Spencer, group CEO of Icap.

In an emailed statement this morning, Icap says it has restructured its electronic broking division to separate the reporting lines for the FX and fixed income businesses.

As a result, Rutter, chief executive of Icap Electronic Broking, which encompasses both EBS and the fixed income platform BrokerTec, is to leave the company.

The electronic fixed income business will continue to be run on a regional and product basis by Dan Cleaves and John Edwards who will report to John Nixon, group executive director.

"This structure better reflects changing market dynamics, particularly in the FX space," Spencer says in the statement. "Gil has enormous experience and depth of knowledge of the market and changing customer needs in this asset class. We are grateful to David for his energetic leadership of Icap Electronic Broking during the last eight years and we wish him well in his future endeavours.”

Mandelzis co-founded Traiana in April 2000 and continued as CEO following the acquisition of the company by Icap in October 2007. In 2009, he was appointed to Icap’s global executive management group. He is also a member of the Federal Reserve Bank of New York’s foreign exchange committee. Prior to Traiana, he worked in the M&A group at Deutsche Bank Alex Brown in New York, where he advised companies in the financial and technology sectors.

Before joining Icap in 2003, Rutter was a shareholder in broker Prebon, which he joined in 1988, and served in various roles including global chief executive of Prebon Energy and managing director of the Americas. His plans are not yet known.

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