Under the restructuring, Gil Mandelzis, head of Icap's post trade business Traiana, has been appointed CEO of EBS, reporting to Icap chief Michael Spencer. Gil will continue to be responsible for Traiana.

The shake up follows a fall in traditional currency pair trading volumes and the arrival of new entrants ready to service the demands of hedge funds and high frequency traders for faster dealing platforms.

Says Spencer: "This structure better reflects changing market dynamics, particularly in the FX space. Gil has enormous experience and depth of knowledge of the market and changing customer needs in this asset class. We are grateful to David for his energetic leadership of IEB during the last eight years and we wish him well in his future endeavours."

The electronic fixed income business will continue to be run on a regional and product basis by Dan Cleaves and John Edwards who will report to John Nixon.