After a period of transition, NEX Group is renaming its electronic markets division. The unit famed across the industry as EBS BrokerTec is now NEX Markets. The news comes more than a year and a half after ICAP sold off its voice broking unit to Tullett Prebon and renamed itself to NEX Group.
The electronic trading division of NEX Group includes several units dedicated to different asset classes.
The foreign exchange platforms delivered by NEX Markets are currently EBS Market, EBS Direct and EBS Select.
Names of FX and Fixed Income Trading Platforms Retained
EBS Market is the anonymous foreign exchange matching platform of NEX Markets. EBS Direct is the company’s disclosed relationship-based FX trading platform, while EBS Select is a relationship-based FX trading platform which allows non-disclosed trading with permission liquidity, suing a credit line from a prime broker.
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NEX Markets will also include the fixed income electronic trading business of the company. BrokerTec Market is the dealer-to-dealer electronic trading platform, while BrokerTex Direct is a disclosed relationship-based electronic trading venue.
After the launch of NEX in December 2016, a total of four units have been designated at the company – NEX Markets, NEX Optimisation, NEX Opportunities and NEX Exchange. EBS BrokerTec used to be a sub-brand within the NEX Markets business line.
The different service names for the FX and fixed income trading platforms, EBS and BrokerTec, will be retained. The cash and liquidity management unit called EBS Treasury is now known as NEX Treasury.
NEX Group plans no changes to the company’s leadership as of present. The CEO of NEX Markets is Seth Johnson, with his management team remaining active. Tim Cartledge will be Global Head of FX and Head of Products of NEX Markets, Jim Iorio will be Global Head of Sales & Head of FX Americas.
The senior executives team also includes Darryl Hooker, who is the Global Head of Metals and Spot & Head of FX EMEA; Jeff Ward who is Global Head of NDFs and Forwards & Head of FX Asia; Dan Cleaves, working as Global Head of Fixed Income; and John Edwards, who is European Head of Fixed Income.