EBS BrokerTec acquires Molten Markets

EBS BrokerTec, ICAP’s market-leading electronic foreign exchange and fixed income business, announces today that it has acquired Molten Markets Inc., a foreign exchange technology provider for asset managers and pension funds.

The acquisition of Molten Markets will enable EBS BrokerTec to provide asset managers with a sophisticated execution management system and innovative trade cost analysis. Leveraging Molten Markets’ assets and technology, as well as EBS BrokerTec’s extensive distribution network and liquidity provider relationships, will enable EBS BrokerTec to offer a unique range of solutions to the asset management industry, while at the same time enhancing its offering to its LP customers.

As part of the acquisition, Simon Wilson-Taylor, current President and CEO of Molten Markets, joins EBS BrokerTec in New York, with immediate effect, to lead this initiative as Head of EBS Institutional FX. Simon has more than 35 years’ experience in financial services and has held key roles within the industry, which included founding and leading Global Link’s FX Connect platform. He has also held senior roles at State Street, HSBC and UBS.

Gil Mandelzis, CEO, EBS BrokerTec, said: “The acquisition of Molten Markets marks the culmination of our strategy to offer the complete OTC FX product suite to all institutional customer segments. Over the past three years, we have extended our offering from only a Central Limit Order Book to any model of execution, expanded our product coverage from spot only to any FX instrument, and expanded our customer base to include regional banks, hedge funds, the buy-side and corporates, in addition to our traditional global bank and proprietary trading audience. Today, we are delighted to extend the EBS BrokerTec offering to a large institutional customer segment that we were not yet serving: asset managers. We are pleased that Simon and his team have agreed to join EBS BrokerTec to lead this effort. Simon’s knowledge will be exceptionally valuable to EBS BrokerTec as we enter the real money space, and we look forward to working with this community for the years to come.”

Justyn Trenner, Global Head of Strategy, EBS BrokerTec, said: “This acquisition will allow us to address a clear and unmet need expressed to us by real money managers – to achieve demonstrable best execution from a single platform that also addresses the unique workflow challenges they face. The team at Molten Markets has developed unique tools to help asset managers make the right trade choices and demonstrate the outcomes to their asset owners.”

Simon Wilson-Taylor, President and CEO of Molten Markets, said: “We are delighted to be joining EBS BrokerTec and look forward to working together to improve and extend our customer offering. EBS is a premier provider of services to the professional FX trading community and joining the business provides our real money customers with access to an established global network and invested technology. Molten Markets’ unique range of services complements EBS’s platforms as leading providers in their respective markets and is a logical fit for our businesses.”

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