Heads roll at ICAP as FX volumes fall

Leading electronic broker ICAP announced today that the head of its electronic broking business, David Rutter, is leaving the company after eight years at ICAP. Rutter’s responsibilities will be divided into two, with the fixed income business separated from Forex.

ICAP’s Forex ECN business, the largest Forex ECN globally, will now be run by Gil Mandelzis, who joined ICAP in 2007 after his VC-backed software startup Traiana was acquired by ICAP for $247 million. Traiana provides post-trade processing for FX transactions, and has been a consistent bright spot at ICAP. Recent client wins for Traiana include FxPro, and becoming the first provider to be certified by the CME Group for the submission of OTC FX Derivatives for clearing.

The management shakeup follows a prolonged slump for ICAP in its Forex volumes (see chart below), as we have reported over the past few months, caused in part by declining industry volumes as well as (in our view) losing market share to other Forex ECNs.

For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.

Read Also:

LeapRate is an independent research and advisory firm, specialized in covering the world of Forex trading. We are followed by hundreds of thousands of traders, investors and other FX industry participants via our website, Facebook, Twitter, LinkedIn, RSS and Email Newsletter. Copyright © All rights reserved Finaffiliates Limited Website:
https://finaffiliates.com CEO: Jason Hopgood Company number: 14540579 VAT identification number: GB 431522433

Location: Finaffiliates Limited, Lawrence House, 5 St. Andrews Hill, Norwich NR2 1AD, United Kingdom
Email: [email protected]

SUBSCRIBE TO OUR NEWSLETTER

IMPORTANT DISCLAIMERS

Foreign exchange trading comes with high level of risk. Before investing in foreign exchange, carefully consider your level of experience and risk appetite. CFDs are complex instruments and bring high risk of losing money because of the leverage they provide. No information or opinion contained on this site should be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. Past performance should not be considered evidence or guarantee for future performance. Between 74 and 89% of retail investors accounts lose money.