FX Powerhouse Reshuffles as It Looks to Weather the Institutional FX Storm
by
Adil Siddiqui
Leading FX trading venue, EBS, looks to address challenges in the FX trading landscape as it reports on a number of key personnel changes, two senior people have left the firm and two others have been promoted.
Leading FX trading venue, EBS, looks to address challenges in the FX trading landscape as it reports on a number of key personnel changes, two senior people have left the firm and two others have been promoted.
The tension led currency derivatives trading environment, continues to test the firm during hostile periods. Established dealing provider in the foreign exchange markets, EBS, has reported that there have been a number of management changes at the firm. The move comes during a prolonged period of difficulties for the industry at large – this is coupled with the news of two key departures at managerial level.
In an after hours (UK market) press statement, EBS reported that Viral Tolat and Darryl Hooker were amending their roles at the venue. The news follows earlier reports of co-Head of EBS Market, Nicola Hunter, calling it quits. This was followed by reports of John Schoen, also a joint co-Head of EBS Market, leaving the firm. EBS confirmed the departure of both individuals in the press release.
Under the new appointments, the roles of the two experienced gentlemen are Mr. Hooker as Head of EBS Market and Viral Tolat Global Head of Product for EBS. Both individuals will report to Gil Mandelzis the CEO of EBS.
Mr. Hooker gets a double treat this year, the long serving EBS employee of 15 years, was earlier promoted to Head of Strategic Currency Initiatives in February 2014. In addition, the emerging market focused professional was elected into the firm’s Executive Committee.
EBS, like its peers in the FX derivatives space, has seen a harsh drop in trading volumes, the interbank trading portal was riding high in 2008 during a period of record activity where the firm saw average daily trading volumes cross $270 billion. However, the plight at the top has seen a dip in activity, EBS has been directly impacted by the slowdown in currency trading with the firm reporting dismal figures, the average daily trading volumes (ADV) have dropped significantly. In April this year, the firm reported that there was $68.5 billion in ADV, a 47% slump from $128 billion that was traded a year earlier.
The firm has been on the receiving end of low volatility in global financial markets, thus pushing trading volumes below the formidable $100 billion mark, a psychological level for industry participants.
EBS Extends
Mr. Tolat joined EBS in January 2013 from Integral Development, where he was one of the co-founders. His appointment at EBS as Chief Technology Officer highlighted the firm’s commitment to diversifying its offering and ensuring that it was focused and open to new technological changes in the sector. The firm also reported on the deployment of its disclosed trading product, EBS Direct.
The firm has stated that it plans to roll out a number of initiatives, which will be reported later this year. In his new role, Mr. Tolat will be responsible for the expansion, development and maintenance of a fully integrated product suite. Mr. Tolat will be working closely with the business lines on EBS's existing products, these include, EBS Market, EBS Direct and EBS Liquidity Optimization.
Commenting on the appointment of Viral Tolat as Global Head of Product, CEO Gil Mandelzis added: "Over the past two years, EBS has transformed from a single product to a multi-product company. We are live today with EBS Market, EBS Direct and EBS Liquidity Optimization, with new products and initiatives in the pipeline that will bring added liquidity to our customers. This requires us to think differently about product discipline, infrastructure, processes and technology.
Viral's unique ability to work effectively with business and technology people, coupled with his vision and leadership, will assist EBS in developing strong product discipline whilst maximizing product innovation." In its QIR2 report, Forex Magnates looked at EBS Direct during a Q&A with Jeff Ward.
Leading FX trading venue, EBS, looks to address challenges in the FX trading landscape as it reports on a number of key personnel changes, two senior people have left the firm and two others have been promoted.
The tension led currency derivatives trading environment, continues to test the firm during hostile periods. Established dealing provider in the foreign exchange markets, EBS, has reported that there have been a number of management changes at the firm. The move comes during a prolonged period of difficulties for the industry at large – this is coupled with the news of two key departures at managerial level.
In an after hours (UK market) press statement, EBS reported that Viral Tolat and Darryl Hooker were amending their roles at the venue. The news follows earlier reports of co-Head of EBS Market, Nicola Hunter, calling it quits. This was followed by reports of John Schoen, also a joint co-Head of EBS Market, leaving the firm. EBS confirmed the departure of both individuals in the press release.
Under the new appointments, the roles of the two experienced gentlemen are Mr. Hooker as Head of EBS Market and Viral Tolat Global Head of Product for EBS. Both individuals will report to Gil Mandelzis the CEO of EBS.
Mr. Hooker gets a double treat this year, the long serving EBS employee of 15 years, was earlier promoted to Head of Strategic Currency Initiatives in February 2014. In addition, the emerging market focused professional was elected into the firm’s Executive Committee.
EBS, like its peers in the FX derivatives space, has seen a harsh drop in trading volumes, the interbank trading portal was riding high in 2008 during a period of record activity where the firm saw average daily trading volumes cross $270 billion. However, the plight at the top has seen a dip in activity, EBS has been directly impacted by the slowdown in currency trading with the firm reporting dismal figures, the average daily trading volumes (ADV) have dropped significantly. In April this year, the firm reported that there was $68.5 billion in ADV, a 47% slump from $128 billion that was traded a year earlier.
The firm has been on the receiving end of low volatility in global financial markets, thus pushing trading volumes below the formidable $100 billion mark, a psychological level for industry participants.
EBS Extends
Mr. Tolat joined EBS in January 2013 from Integral Development, where he was one of the co-founders. His appointment at EBS as Chief Technology Officer highlighted the firm’s commitment to diversifying its offering and ensuring that it was focused and open to new technological changes in the sector. The firm also reported on the deployment of its disclosed trading product, EBS Direct.
The firm has stated that it plans to roll out a number of initiatives, which will be reported later this year. In his new role, Mr. Tolat will be responsible for the expansion, development and maintenance of a fully integrated product suite. Mr. Tolat will be working closely with the business lines on EBS's existing products, these include, EBS Market, EBS Direct and EBS Liquidity Optimization.
Commenting on the appointment of Viral Tolat as Global Head of Product, CEO Gil Mandelzis added: "Over the past two years, EBS has transformed from a single product to a multi-product company. We are live today with EBS Market, EBS Direct and EBS Liquidity Optimization, with new products and initiatives in the pipeline that will bring added liquidity to our customers. This requires us to think differently about product discipline, infrastructure, processes and technology.
Viral's unique ability to work effectively with business and technology people, coupled with his vision and leadership, will assist EBS in developing strong product discipline whilst maximizing product innovation." In its QIR2 report, Forex Magnates looked at EBS Direct during a Q&A with Jeff Ward.
Broadridge Expands Global Class Action with Key Appointments in Canada, UK
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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