London-based broker-dealer ICAP is set to merge its foreign exchange trading platform EBS and fixed-income trading platform BrokerTec to form a new business called EBS-BrokerTec.

The combined firm will be headed by Gil Mandelzis, CEO of EBS.

EBS-BrokerTec will enable ICAP to use BrokerTec’s market leading platform, client relationships and team, as well as EBS’s technology and innovation pipeline, to offer products and services to the industry and boost the addressable market of both platforms.

As part of the merger, Michael Spencer, ICAP Group CEO will become chairman of EBS-BrokerTec, while Gil Mandelzis, CEO of EBS, will become CEO of the new business and Richard Kerschner, head of corporate development at EBS, will be named as the interim CEO of BrokerTec.

In addition, Seth Johnson will retire from his role as the CEO of BrokerTec but will remain on ICAP’s global executive management group, reporting to Philip Stafford, editor of the FT’s trading room.

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Michael Spencer, group CEO of ICAP, said: "Bringing EBS and BrokerTec together will allow us to deliver new products and reach new client segments. We have demonstrated that we are able to deliver successful new trading solutions with the launch of EBS Direct last year, which has experienced exceptional volume growth."