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Wyatt, who has been the office’s acting director since April 2015, following the departure of former director Andrew Bowden, moves up from the OCIE deputy director post. The SEC reports that Marc Wyatt has been promoted to director of its Office of Compliance Inspections and Examinations (OCIE) and leader of its national exam program. SEC Promotes Internally for OCIE Director “I look forward to working with Gil and Tim to execute on our strategy of expanding our addressable market.” “Since combining EBS and BrokerTec under Gil Mandelzis we have made great progress in integrating our products, services and technology,” Michael Spencer, group CEO of ICAP and chairman of EBS BrokerTec, says in the statement. Prior to this Tim held roles at Dresdner Bank, Credit Suisse and Goldman Sachs,” officials say.
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In his most recent Barclays post, he headed global fixed income currencies and commodities electronic trading, according to the statement, which notes that he also held “various positions as managing director at Barclays Capital where he was responsible for building Barclays’ highly successful electronic FX business. This February ICAP announced it is moving its EBS Market trading platform to real-time streaming forex market data.EBS BrokerTec, ICAP’s electronic foreign exchange (FX) and fixed income business, reports that Tim Cartledge has been appointed chief strategy officer (CSO).Ĭartledge reports to Gil Mandelzis, CEO, and joins both the EBS BrokerTec and ICAP executive management groups.Īs CSO, Cartledge “will be responsible for leading and delivering on the strategic direction of EBS BrokerTec, following the successful integration of EBS and BrokerTec in July 2015,” according to a statement.Ĭartledge, who will be based in London, was at Barclays Bank from 2004 until his May 2015 resignation. The EBS Market connects buyers and sellers of currencies in over 50 countries across six continents. It provides two trading platforms – EBS and BrokerTec. Its unit EBS BrokerTec is an electronic wholesale trading platforms and solutions business in forex and fixed income. It acts as a wholesale broker on the forex, commodities, credit, interest rates, and emerging markets. ICAP is a leading markets operator and provider of information and risk mitigation services.
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“The CNH market continues to grow exponentially with more market participants trading USD/CNH than ever before,” said Darryl Hooker, Co-Head of EBS BrokerTec Markets and added that the launching of the dedicated benchmark for this market was the next logical step.
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According to ICAP’s estimates, around 70% of all CNH interbank activity is traded on the EBS Market with the USD/CNH being the third most traded currency pair on the platform. Recently the Chinese government-controlled China Foreign Exchange Trade System (CFETS) chose ICAP as provider of the underlying technology for the country’s forex exchange and fixed income electronic execution services through EBS BrokerTec. It incorporates rates from executed trades during the fixing window from the EBS Market central limit order book and is based on a transparent and reliable methodology. The EBS CNH Benchmark is calculated and distributed by IIS. The new service will allow market participants a direct comparison of CNY and CNH market activities and has been prompted by the considerable interest from a number of major Chinese banks and onshore authorities. EBS BrokerTec, a subsidiary of the electronic forex exchange of ICAP, a UK-based institutional brokerage and market operator, and ICAP’s information division Information Services (IIS), announced they have launched the EBS CNH Benchmark – the first fully electronic trade-backed reference rate for the offshore Chinese renminbi (CNH) market.