The FINANCIAL — Interdealer broker ICAP on Monday appointed Andrew Coyne as chief executive officer of its trade-processing firm Traiana, replacing Gil Mandelzis, who moved two months ago to head EBS, another ICAP-owned trading system.
Mandelzis, the co-founder of Traiana, maintains a role at the company, acting as its executive chairman, a new position. Coyne will report to Mandelzis.
"Andy is ideally suited to lead Traiana and take it to the next stage of its development," Mandelzis said in a statement. "Andy has been building successful businesses in the industry for years, is widely recognized as a thought leader and is respected throughout the industry."
According to Borsa Italiana – London Stock Exchange Group, Coyne joins from Citigroup where he was responsible for the bank's global FX prime brokerage business for the last six years. Previously, he worked at Deutsche Bank and served on the board of currency settlement system CLS.
Michael Spencer, the chief executive of ICAP, decided to replace long-standing EBS CEO Davod Rutter in March in a strategy overhaul. ICAP said that month that EBS's performance was affected by quieter market conditions and central bank policies in two of its main currencies, yen and Swiss franc. EBS has seen its volumes outstripped by its main competitor Thomson Reuters (TRI), creating speculation that the system is losing its position in currency markets.