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Foreign Exchange

New EBS chief makes first appointment after shake-up

Gil Mandelzis, the recently installed chief of EBS, Icap’s electronic FX broking platform, has replaced one of the senior executives who left the firm after its recent shake-up.

Mandelzis, the chief executive of Traiana, who last month replaced David Rutter at the helm of EBS, has appointed Nichola Hunter as global head of product management. Hunter, who is based in London, replaces Brian Andreyko, who left the company last month along with Chip Defilippo, FX product manager. Andreyko and Defilippo were based in New York.

The company also announced the appointment of John Schoen as global head of EBS spot platform and market risk, a new role reporting to Hunter.

The company said Hunter will be responsible for defining and executing EBS’s product strategy and directing the product-development process, while Schoen will lead EBS’s efforts to ensure the continuous delivery of liquidity to the market.

“EBS is going to innovate and lead the market by delivering products that meet the changing needs of our customers,” says Mandelzis. “Nichola’s experience and technical depth make her the obvious choice to lead this task. John’s insights into the evolution of the FX markets are also going to be invaluable.

“With their experience, deep knowledge and passion, I am confident that Nichola and John will lead the company’s products in a collaborative fashion within the industry into exciting, existing and new opportunities.”

The restructuring comes at a difficult time for Icap, which has seen its FX and fixed-income businesses struggle in recent months.

Rutter’s departure as chief executive of EBS came after Icap warned that activity on the trading platform had been affected by quieter market conditions and that activity in JPY and CHF, two currencies in which it is market leader, had been depressed by action from the Bank of Japan and the Swiss National Bank.

That has seen EBS lose its position as the world’s largest electronic platform to its main rival Thomson Reuters. Average daily volumes on Thomson Reuters’ dealing platforms have been higher than on EBS since November.

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