TP ICAP's head of agency brokerage John Ruskin to leave firm

John Ruskin, TP ICAP’s head of agency broking, is leaving the inter-dealer broker after five years with the firm.

Ruskin, who joined TP ICAP in 2017 before being appointed to run agency brokerage, will leave the inter-dealer broking group at the end of June, according to a statement.

TP ICAP Nicolas Breteau chief executive said in a statement: “As well as stepping up to successfully execute the integration of Liquidnet, over the last five years John has championed the Group’s diversification strategy to expand our buyside offering.  As a result, our Agency Execution division generated more than 10% of the Group’s revenue in 2021.”

TP ICAP acquired Liquidnet in late March last year for $700m (£510m) and immediately merged the trading platform with COEX Partners to bolster its Agency Execution division.

Liquidnet contributed £159m of revenue to the TP ICAP Agency Execution division last year, boosting 2021 agency broking earnings by 180% on a constant currency basis to £246m.

Ruskin joined TP ICAP in November 2017 when the inter-dealer broker acquired COEX Partners, the agency broker founded in 2013 by Ruskin who also served as its chief executive.

Ruskin established COEX in late 2013 after leaving Newedge in August that year, just months before Societe Generale reached agreement with its co-owner Credit Agricole to take full ownership of Newedge.

Ruskin was global head of futures and options at Newedge for more than five years after the company was formed in early 2008 by the merger of Credit Agricole’s Calyon and Societe Generale’s Fimat.

He joined Fimat in 2006 when the French broker acquired Cube Financial, an agency execution broker founded in 1999 and led by Ruskin after the closure of the Liffe floor where he cut his teeth as a trader.

TP ICAP said on Thursday it has hired Mark Govoni from Instinet to replace Ruskin as head of its Agency Execution unit.