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Foreign Exchange

EBS appoints new CEO

EBS, the electronic interdealer FX broker owned by ICAP, has appointed Gil Mandelzis as its new chief executive, to replace David Rutter, who has left the firm, ICAP confirmed in a statement on Monday.

Mandelzis, who is CEO of Traiana, the post-trade services group also owned by ICAP, will continue to be responsible for Traiana alongside his new responsibilities. The appointment comes after a restructuring of ICAP’s electronic trading division, where it has separated its reporting lines for its FX and fixed-income businesses. The ICAP group will continue to report the electronic, voice and post-trade segments of the business separately.

“This structure better reflects changing market dynamics, particularly in the FX space,” says Michael Spencer, chief executive officer at ICAP. “Gil has enormous experience and depth of knowledge of the market and changing customer needs in this asset class.”

The average daily volume of spot FX traded over EBS rose 9% month-on-month to $126.7 billion in February, equating to a 9% fall year-on-year. Average daily spot FX volumes on the EBS platform in 2011 rose 5% to $159.1 billion compared with the previous year.

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