Icubic adds Gosling and König to the board

Source: icubic

icubic, a leading provider of electronic trading systems – designed to streamline and automate the e-trading workflow – today announced a board restructuring to support its continued international expansion and to meet the expected growth in demand for e-trading systems.

Les Gosling, Sales and Marketing Director and Kathleen König, CFO, will join Ralf Henke, co-founder and Director, System Integration and Andreas Nold, co-founder and CTO, to drive the company's global expansion plans. Gosling has worked with icubic since April 2003 to grow the firm's international business. With his appointment to the board Gosling will take on overall responsibility for icubic's sales, marketing and business development worldwide. König who has been the company's CFO since 2005, will continue to control finance and human resources. Henke and Nold will be responsible for product strategy and systems integration, and for software development and quality management respectively.

icubic has been established in Germany for over eight years and is currently the leading provider of e-trading solutions among German banks. In response to the rise of e-trading across global markets, icubic is investing in developing an internationally-focused team to bring their premier solutions to the global markets. Users of icubic solutions have recently reported over 20% growth in e-trading transaction volumes in some asset classes compared to 2005. They have also seen that e-trading now accounts for over 70% of trading in specific asset classes. This combined with unprecedented demand for multi asset class execution management solutions will help position the company for international growth.

"icubic has seen demand for e-trading systems increase dramatically in the past two years. In the last year we have grown employee numbers by 25 per cent and opened a London-based office to help meet these demands," said Ralf Henke, Director, System Integration,, icubic. "We are delighted to welcome Les and Kathleen to the board and look forward to the contribution they will make in supporting our expansion plans."

With icubic, financial institutions can trade multiple asset classes more effectively across inter-dealer and dealer-to-customer e-trading platforms. The icubic solution streamlines and automates the e-trading workflow from pre-trade pricing to straight-through processing.

Intelligent automation features and the simplification of the trading workflow provide the user with maximum trading comfort. At the core of its solution is the execution management capability that means fast and secure quote and order management, and RFQ & RFO handling.

"The strong customer base we have built in Germany will prove invaluable as we continue to grow our business internationally. I am looking forward to being at the forefront of the company expansion plans and am excited by the opportunities for growth in the fast-moving electronic trading marketplace," concluded Gosling.

The predicted growth in electronic trading is backed up by the findings of the annual Securities Industry & Financial Markets Association (SIFMA) survey released today. SIFMA canvassed more than 300 respondents globally, and found that the sell-side are reporting a 32% growth in volumes of e-Trading in 2006 compared to 2005, and that the buy-side are expecting growth of 15-25% in 2007.

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