Tracy Black, a former executive director at Swiss investment bank UBS’s Direct Execution electronic equities trading unit, has joined inter-dealer broker ICAP as managing director of portfolio and electronic execution.
Black will report to Phil Hodey, ICAP’s head of portfolio and electronic execution, himself a former head of portfolio trading at UBS.
Black’s appointment is part of ICAP’s efforts to expand its equities trading capabilities. The broker is planning to launch BlockCross, a multilateral trading facility (MTF) for large equity trades, in October. The MTF will be run by Daemon Bear, former head of equity trading at J.P. Morgan Asset Management, who joined ICAP in January.
Before joining UBS, Black was UK sales manager for AutEx, an indications of interest dissemination system, at data vendor Thomson Financial, now part of Thomson Reuters.