Co-heads of ICAP’s EBS Market FX trading platform leave 

ICAP, the world’s largest brokerage, said on Thursday that the co-heads of its flagship electronic foreign exchange trading platform, EBS Market, had left the firm amid a management shake-up at the broader business.

Darryl Hooker, who has been head of strategic currency initiatives at ICAP, is taking over from former co-heads John Schoen and Nichola Hunter, the company said in an emailed statement.

Sources earlier this month told Reuters that Hunter, who had been co-head of the division along with Schoen since March 2013, had left the company.

EBS Market is an electronic trading platform that matches bank traders’ orders to buy and sell currencies.

London-based ICAP also named Viral Tolat as global head of product for EBS — one of the two dominant global currency trading platforms, along with Thomson Reuters.

ICAP said Tolat, the company’s former chief technology officer, would be responsible for the expansion, development and maintenance of a fully integrated product suite.

The Wall Street Journal, which first reported Schoen’s departure, cited sources as saying that EBS was in the process of shuffling executives to focus on new ways to reach a broader array of customers. (on.wsj.com/1rYG8wT)

Hooker will be based in London, while Tolat will work out of New York, the company said, adding that both would report to Gil Mandelzis, the head of EBS.

(Reporting by Esha Vaish in Bangalore; Editing by Dan Grebler and Leslie Adler)

 

Source: reuters

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