Icap replaces e-broking head Jeffery with Nixon

Icap replaces e-broking head Jeffery with Nixon

Interdealer broker Icap has named John Nixon chief executive officer of its electronic broking division, replacing Jack Jeffery - former CEO of electronic currency trading platform EBS - who has quit the firm.

Jeffery joined Icap following the broker's $775 million acqusition of EBS last year. Reasons for his departure have not been disclosed.

Nixon was previously the director responsible for Icap's strategic acquisitions, as well as the broker's information business. He will now take charge at the helm of Icap's electronic broking division, which includes the EBS unit.

Icap group CEO Michael Spencer says the electronic broking division is a central part of the company's strategy to create a "global OTC exchange".

Earlier this year Icap said it was on the look out for further e-trading acquisitions after electronic broking boosted its full year profits. In a recent interview with the FT, however, Spencer said that the company was holding back from the market as most targets were over-valued.

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