< The 2016 Trading Technology 40

14
Gil Mandelzis
Chief Executive Officer
EBS BrokerTec (ICAP)
Last year: 15

What happens when a company that’s No. 1 in its field turns into something completely different? Having bulked up in technology and electronic trading since the turn of the century, ICAP, the longtime leader in interdealer brokerage, agreed in November to transfer its voice and hybrid brokering and related information businesses to rival Tullett Prebon. The new ICAP becomes what group CEO Michael Spencer calls “a pure posttrade services and electronic trading group.” The e-trading business, which produced £259 million ($384 million) of ICAP’s total £1.3 billion in revenue in the fiscal year ended in March 2015, is led by Gil Mandelzis, who describes the redefined ICAP as “a true fintech company and supermarket of liquidity.” Mandelzis joined the London-based firm in 2007, when it acquired transaction processor Traiana, which he founded and which now resides in the posttrade segment (£228 million in fiscal 2015 revenue, led by Jenny Knott). Mandelzis moved on to become CEO of ICAP’s EBS foreign exchange marketplace. Late in 2014, ahead of the integration of fixed-income platform BrokerTec with EBS, Mandelzis was named CEO of EBS BrokerTec. That combination results in powerful “operating leverage,” he says. Capital investments of more than $100 million over several years and upgrades in EBS technology and products now extend to BrokerTec as well. Mandelzis, 47, believes the unit’s size and synergies raise “barriers to entry” that will keep potential competitors at bay. “The market will converge around fewer ‘supermarket’ players, highly integrated and with economies of scale,” he says. For ICAP “the addressable market expands massively — any institutional client, any trading style, anywhere in the world.”

 

 
2016 Trading Technology 40

1. Raymond Tierney III Bloomberg 2. Richard Prager BlackRock While Inflation Grabs Headlines, Employment Numbers Drive Market Moves Sponsored by CME Group July 14, 2025 3. Chris Isaacson BATS Global Markets 4. Jonathan Ross KCG Holdings 5. Bradley Peterson Nasdaq

6. Brad Levy Markit 7. Dan Keegan Citi 8. Ronald DePoalo Fidelity Institutional 9. Raj Mahajan Goldman Sachs Group 10. Ari Studnitzer CME Group

11. Mayur Kapani Intercontinental Exchange 12. Gerald O’Connell CBOE Holdings 13. Nicholas Themelis MarketAxess Holdings 14. Gil Mandelzis EBS BrokerTec (ICAP) 15. Bill Chow and Richard Leung Hong Kong Exchanges and Clearing

16. Rob Park IEX Group 17. Philip Weisberg Thomson Reuters 18. John Mackay (Mack) Gill MillenniumIT 19. Robert Cornish International Securities Exchange 20. Paul Hamill Citadel Securities

21. Eric Noll Convergex 22. Tyler Moeller and Joshua Walsky Broadway Technology 23. Rishi Nangalia REDI Holdings 24. Veronica Augustsson Cinnober Financial Technology 25. Alasdair Haynes Aquis Exchange

26. Manoj Narang Mana Partners 27. Gaurav Suri Arcesium 28. Robert Sloan S3 Partners 29. Anton Katz and Stephen Mock AQR Capital Mgmt 30. Stu Taylor Algomi

31. D. Keith Ross Jr. PDQ Enterprises 32. Donal Byrne Corvil 33. Alfred Eskandar Portware 34. R. Cromwell Coulson OTC Markets Group 35. Masayuki Hosaka Rakuten

36. Peter Maragos and David Karat Dash Financial 37. Amar Kuchinad Electronifie 38. Jennifer Nayar SR Labs 39. Dave Snowdon Metamako 40. Dan Raju Tradier