Ex-Barclays executive seen as strong contender to replace EBS' Mandelzis

Thu Jul 21, 2016 6:58pm EDT
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By Patrick Graham and Gertrude Chavez-Dreyfuss

LONDON/NEW YORK (Reuters) - Former Barclays global head of electronic trading Tim Cartledge is seen as a leading contender to take the helm at EBS BrokerTec after Thursday's announcement that Chief Executive Gil Mandelzis will step down, sources close to EBS said.

Cartledge has been chief strategy officer at EBS since November 2015.

Interdealer broker ICAP Plc IAP.L said in a statement on Thursday that Mandelzis decided to leave EBS, a unit of the London-based company.

ICAP said Mandelzis will leave New York-based EBS "in due course" without giving a reason for his departure. Mandelzis has been in the job since 2012.

ICAP CEO Michael Spencer said the company was considering internal and external candidates.

Two industry insiders with close ties to EBS said the company has cherry-picked a number of senior staff from banks to refresh a business that dates to the early days of electronic trading in the early 1990s.

As the head of Barclays' fixed income, currencies, and commodities electronic trading, Cartledge helped build the British bank into one of the big three global banking players in foreign exchange, a position it has relinquished since he left early last year.

"I know that Tim Cartledge is seen by everyone inside EBS as being in pole position to take over," one of the sources, a former EBS employee who still works closely with the company, said.   Continued...