EBS BrokerTec, ICAP’s electronic foreign exchange (FX) and fixed income business, has formed the basis of an EBS BrokerTec Executive Management Team, according to an ICAP statement.
In particular, EBS BrokerTec Markets will be jointly led by Dan Cleaves and Darryl Hooker as Co-Heads. Alternatively, Arthur D’Arcy and Viral Tolat have been appointed as Global Co-Heads of Product for EBS BrokerTec respectively.
The moves will allow EBS to allocate several integral functions across the division, which includes combined product, technology and sales groups. Subsequently, the central limit order book (CLOB) businesses of EBS Market and BrokerTec have been consolidated into a single unified business division now referred to as EBS BrokerTec Markets.
Mr. Cleaves most recently served as Chief Executive Officer (CEO) of BrokerTec’s North America business, having previously worked as its Global Head of Product for both BrokerTec Market and EBS Market – despite his new appointment, he will continue to be based out of New York. Alternatively, Mr. Hooker ascends to the new role after holding the position of Global Head of EBS Market. He will help oversee the operations whilst being based out of London.
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Mr. D’Arcy and Mr. Tolat’s appointments as Global Co-Heads of Product for EBS BrokerTec will see the two men working together to foster the totality of the business line as well as facilitating the launch of new products.
In addition to the aforementioned management restructuring, Gerard Varjacques has also been named as the Head of Sales for EBS BrokerTec. Meanwhile, Phil Harris has also joined EBS BrokerTec and has been tapped as the Head of EBS Market. He joins EBS from Nasdaq, having worked as its Head of FX Strategy & Initiatives. In his new role he will be based out of New York, where he will report to both Mr. Cleaves and Mr. Hooker.
According to Gil Mandelzis, CEO of EBS BrokerTec, in a statement on the appointments, “Following the combination of ICAP’s EBS and BrokerTec businesses in November, we have reached a meaningful milestone in the integration of the businesses. Under the new EBS BrokerTec Executive Management Team, we look forward to expanding the diverse range of liquidity and trading styles that we offer our customers.”
“Both EBS Market and BrokerTec Market are critical to the long-term growth of our business. By combining them into one CLOB business division, we are leveraging the strong synergies in technology, operations and sales to provide robust and innovative CLOB solutions for the fixed income and foreign exchange markets. Under Dan and Darryl’s expert leadership, we will continue to grow and provide a stable and efficient trading environment for our customers,” he added.
Earlier this week, it was announced that ICAP combined its MyTreasury into EBS BrokerTec’s Product Portfolio. The new move allows corporates access to FX trading capabilities and expands EBS BrokerTec’s footprint.