UPDATE 3-Ex-Barclays exec seen as strong contender to replace EBS' Mandelzis

Thu Jul 21, 2016 6:56pm EDT
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* EBS FX volume declining

* Citi analyst says Mandelzis exit disappointing (Adds third source close to company on selection process)

By Patrick Graham and Gertrude Chavez-Dreyfuss

LONDON/NEW YORK July 21 (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 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.   Continued...