ICAP Plc’s co-head of its electronic currency trading platform, Nichola Hunter, has left as the London-based broker re-evaluates the strategy for the unit, a person with knowledge of the matter said.
Hunter, who was promoted to co-head of EBS Market in January 2013, departed ICAP this week, the person said, who asked not to be identified because they weren’t authorized to speak publicly. An announcement on the unit’s management is planned in the next few weeks, the person said.
ICAP, the world’s largest broker of transactions between banks, is reviewing how to divide its broking unit from its electronic trading business. Last month, it cut about 100 brokers from its global broking unit as part of a 60 million-pound ($103 million) cost-savings plan.
Hunter’s departure was reported by the Wall Street Journal earlier today.
Interdealer brokers such as ICAP act as a go-between for banks that trade bonds, stocks, currencies, energy and derivatives. They profit when prices fluctuate because more traders use the products they trade.