Gil Mandelzis will step down as chief executive of EBS BrokerTec, ICAP’s electronic FX and fixed income trading platform.
According to a statement from the interdealer broker, Mandelzis has “decided to step down from his position and will be leaving the company in due course.”
The departure of Mandelzis will come as a significant blow to ICAP, which is set to rebrand itself as NEX Group, focusing on electronic trading and post-trade technology.
Mandelzis co-founded post-trade vendor Traiana in 2000, which ICAP acquired in 2007.
Michael Spencer, CEO of ICAP, said in a statement: “[Mandelzis] 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.”
Spencer added Mandelzis will remain in his position while it searches for his replacement.
ICAP is preparing to integrate EBS BrokerTec with all of its electronic broking services under one platform called “Yuniti”.