Jim Iorio has been named as global head of sales at Icap’s EBS BrokerTec platform – which trades fixed income and foreign exchange – the company said in a statement on July 18. Ioria, who will be based in New York, has responsibilty for sales across both the EBS and BrokerTec platforms and will report to Gil Mandelzis, the chief executive of EBS BrokerTec.
Iorio was global head of currency and commodities distribution at Barclays, having spent 14 years at Lehman Brothers from 1993 until moving to Barclays after the UK bank acquired parts of the collapsed US bank in late 2008.
Iorio is not the first senior figure from an investment bank trading business to join Icap since Michael Spencer agreed to sell its voice-broking business to Tullett for £1.1 billion in November 2015 in a deal that will allow Icap to focus on being a standalone electronic brokerage and post-trade services provider.
Iorio follows in the footsteps of Barclays’ global head of FICC electronic trading Tim Cartledge, who joined EBS BrokerTec as chief strategy officer in late November 2015. Deutsche Bank’s former global head of e-commerce sales Serge Marston also joined EBS BrokerTec that month.
Mandelzis said in the statement: “Over the past few years we have introduced multiple new products and expanded our client base into new segments including corporates, asset managers and regional banks all over the world”.
The completion of Icap’s sale of its voice-broking business to Tullett is being delayed by a Competition and Markets Authority probe into the antitrust implications of the deal.
On July 14, the CMA released its initial enforcement order, which said the deal “might be accepted” if competition concerns for the oil trading market were dealt with.