Olesky, who joined BrokerTec at its formation in 1999, is leaving the company to take up position as president of TradeWeb Group and TradeWeb Europe. Prior to BrokerTec, Olesky spent six years at Credit Suisse First Boston most recently as the chief operating officer for the fixed-income division, where he worked with tradeWeb's current CEO Jim Toffey on the establishemnt of TradeWeb.

The defection of Olesky to a growing European rival is a blow to BrokerTec. Initially established a treasury trading platform, TradeWeb has recently been moving more aggressively into other markets, including agencies, commercial paper, TBA mortgages and European-sovereign debt as well as Pfandbriefe (German-mortgage bonds).

Effective immediately, Garry Jones, Olesky's stand-in at BrokerTec, will oversee the operations as well as all sales and marketing activities for BrokerTec Europe’s products and customer base.

Hal Hinkle, president and chief executive officer of BrokerTec Global, says: “Under the leadership of Lee and Garry, BrokerTec Europe has exceeded our expectations and is well positioned to continue its success...We are confident that BrokerTec Europe will continue its positive trajectory under the experienced management of Garry.”

Jones was previously director of sales and marketing for BrokerTec Europe. He has also worked for Daiwa Securities and Paribas.

BrokerTec Europe is currently active in German, French, Italian, UK, Dutch, Austrian and Belgian Bonds in repo, and cash markets with the inclusion of Spanish bonds. Spanish repo, and the majority of the remaining EMU countries, are scheduled for launch on BrokerTec Europe in the coming months.