Three senior executives at EBS are to leave the company as part of the previously announced plan to streamline the combined CME/EBS business following the exchange group’s takeover of certain assets of NEX Group last year.
Informed sources confirm that Jim Iorio, global head of FX sales at EBS will leave the firm in the next two weeks; Tim Cartledge, global head of FX will step down at a yet-to-be-determined date in the coming months; and Seth Johnson will be leaving at the end of the year – the latter two will continue to help with the transition of the business, the sources say.
The departures are part of the previously-announced programme to integrate the businesses, at the time of the deal CME Group said it expected the first phase of its three-year integration staffing process to be completed in Q2 2019.
Johnson has worked for iterations of the firm for more than 20 years, having joined Icap as a broker on the interest rate options desk, prior to that firm acquiring BrokerTec and EBS in 2003 and 2006 respectively. He joined the then-named Icap Electronic Broking in 2011 as global head of derivatives before taking over the reins of BrokerTec in 2012. He was appointed head of strategy for global broking at Icap prior to the floating off of the electronic markets and other assets into NEX Group in 2016, at which point he became CEO of NEX Markets.
Cartledge joined NEX Group in late 2015 as chief strategy officer before becoming global head of FX and head of product at EBS in 2017. He joined the firm from Barclays where he was global head of FICC trading, having previously run the bank’s highly successful e-FX business in a 13 year career there.
Prior to Barclays Cartledge had spent seven years at Dresdner Kleinwort where he was co-head of global FX options at Dresdner – he also had short spells before that as an FX options trader at Credit Suisse and Goldman Sachs.
Iorio joined NEX Group in 2016 as global head of sales and head of FX for the Americas. Previously he was global head of currencies and commodities distribution at Barclays in New York, having joined the bank as part of its purchase of certain Lehman Brothers’ assets in September 2008. Iorio was at Lehman for almost 15 years in senior Rates sales roles.
The informed sources say no decision has yet been made on who will assume responsibility for the combined FX business – nothing is expected for at least another month they say.