ICAP's Gil Mandelzis to step down as CEO of EBS BrokerTec

Mandelzis will stay as chief executive until a replacement is found. Market operator ICAP said both internal and external candidates will be considered.

ICAP chief executive Michael Spencer said: "Gil Mandelzis has been a truly outstanding leader of our electronic markets division, playing a central role in the successful expansion and integration of the EBS and BrokerTec businesses.

“Gil co-founded Traiana back in 2000, a business ICAP acquired in 2007, and has undoubtedly made a lasting and meaningful contribution to the evolution of the foreign exchange (FX) and fixed income industries. He has decided, however, that his career should now take a different direction and we have accepted this.

“We are very excited about the future as ICAP transitions to become NEX group and whoever takes over this role will play an important part in that future.''

Outgoing EBS BrokerTec chief executive Mandelzis said: "I am very proud of our achievements at ICAP. From Traiana's significant growth, positioning it as a global player in pre and post trade services through to the transformation of ICAP's electronic FX and fixed income businesses into a fully integrated multi-product offering. I have decided that it is a good time for me to start a new chapter.

"Although I have decided to leave, I believe that EBS BrokerTec is exceptionally well positioned for growth”.

Mandelzis joined ICAP’s e-trading and technology solutions provider in December 2014, and was responsible for the EBS BrokerTec, foreign exchange and fixed income business at ICAP.

Gil is a member of ICAP's global executive management group since 2009. He was appointed to the New York federal reserve's foreign exchange committee, the Bank of England's joint standing committee and the Bank of Canada's foreign exchange committee.

Shares in ICAP were down 0.22% to 450.20p at 1008 BST.