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ICAP plc announces that Gil Mandelzis has decided to step down as CEO of EBS BrokerTec

21 Jul 2016

London, 21 July 2016 - ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces that Gil Mandelzis, CEO of EBS BrokerTec, has decided to step down from his position and will be leaving the company in due course.

Michael Spencer, CEO of ICAP, said: "Gil Mandelzis has been a truly outstanding leader of our Electronic Markets division, playing a central role in the successful expansion and integration of the EBS and BrokerTec businesses. Gil co-founded Traiana back in 2000, a business ICAP acquired in 2007, and has undoubtedly 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.

"We now begin the search for a new CEO for EBS BrokerTec and will be looking at both internal and external candidates for what is an important and very exciting role. Gil will remain in his current position meanwhile.

"I would like to extend my warmest thanks to Gil for his significant contribution to ICAP over many years and for the tremendous role he has played in building the Electronic Markets division into the world class business it is today. We are very excited about the future as ICAP transitions to become NEX Group plc and whoever takes over this role will play an important part in that future."

Gil Mandelzis, CEO of EBS BrokerTec, said: "I am very proud of our achievements at ICAP. From Traiana’s significant growth, positioning it as a global player in pre and post trade services through to the transformation of ICAP’s electronic FX and fixed income businesses into a fully integrated multi-product offering. I have decided that it is a good time for me to start a new chapter.

"I feel privileged to have had the opportunity to work closely with Michael Spencer and I have learnt so much from him during exceptional times for ICAP and the financial markets overall. I am very grateful for the guidance, partnership and support that he has given me over the years. Together we have transformed EBS BrokerTec from a single product business to a diversified multi-product business entering new markets and geographies, and creating a very strong foundation for expansion. We have built a world class team at all levels of the organisation that will continue to deliver and execute on the strategy, while innovating and collaborating with the market to best serve our customers.

"Although I have decided to leave, I believe that EBS BrokerTec is exceptionally well positioned for growth. I’d like to thank everyone, especially the teams at EBS BrokerTec and Traiana, for their hard work, loyalty and commitment over the years and most notably Michael Spencer for his unwavering support and friendship.”

Alex Dee Head of Investor Relations +44 (0) 20 7050 7420
Bryony Scragg Communications, UK +44 (0) 20 7818 9689
Guy Taylor Communications, Americas +1 212 341 9759
Neil Bennett / Rebecca Mitchell Maitland +44 (0) 20 7379 5151 / +44 (0) 7951 057351

Notes to Editors

Gil Mandelzis – Biography
Since December 2014, Gil has been responsible for the EBS BrokerTec, FX and fixed income business at ICAP. Prior to this, he led the Group’s electronic FX business, EBS. Gil co-founded Traiana in April 2000 and led Traiana’s growth from a small start-up to a recognised global leader in post trade services resulting in Traiana’s acquisition by ICAP in 2007. Gil has been a member of ICAP’s Global Executive Management Group since 2009. Gil was appointed to the New York Federal Reserve’s Foreign Exchange Committee, the Bank of England’s Joint Standing Committee and the Bank of Canada’s FX Committee. He holds an MBA with Distinction from INSEAD in Fontainebleau, France.

About EBS BrokerTec
An award-winning division of the ICAP Group at the heart of the foreign exchange and fixed income global markets, EBS BrokerTec is a market-leading e-trading technology and solutions provider, offering access to multiple execution options and diverse, valuable liquidity. Constantly creating new, ground-breaking solutions, while continuously investing in proven, market-leading platforms and products, the business provides exceptional value to a globally diverse community of professional traders. For more information, go to

About ICAP
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to

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