ICAP, an interdealer broker, has appointed John Nixon CEO of its electronic broking division (IEB). IEB is a combination of ICAP’s fixed income electronic broking business and EBS’ – the FX solutions provider owned by ICAP – strengths in electronic spot foreign exchange. The firm estimates that it has a share of 44% of industry revenues.
John Nixon, 52, has 30 years' experience in the interdealer broking industry, having built strong relationships at a senior level with ICAP's customers while running ICAP's information division for the last five years. Prior to his full time involvement with ICAP he was a non-executive director of ICAP from 1998 to 2002. He was previously CEO of Tullett and Tokyo Forex, now part of Tullett Prebon, where he worked from 1978 1997 in Toronto, London and New York.
"I am very pleased that John Nixon has accepted this new role," says Michael Spencer, ICAP's group CEO. "ICAP's electronic broking division is a central part of our strategy to create the global OTC exchange and cement ICAP's leadership position in our industry. Accelerating the growth of our electronic broking business is a key priority for ICAP this year and for the foreseeable future. I am confident that John and his deputy CEO David Rutter, together with the senior management team and all the IEB staff, will be successful in delivering this growth, as well as the incremental opportunities we envision for the business."
Nixon's appointment follows Jack Jeffery's decision to seek a career outside ICAP, though he will continue to work until the end of June to complete the handover, according to Spencer.