Daniel Marcus, the joint chief of the UK arm of Tradition, has resigned from that post and will leave the inter-dealer broker before the end of the year.

The firm told Global Investor that Marcus, who resigned after almost 13 years with Tradition, is staying on to help with the transition to a new management structure that will see former joint CEO Mike Anderson assume sole responsibility for the London division of the Swiss inter-dealer broker.

Marcus said: “After over a decade at Tradition, I am very much looking forward to taking some time off and will then assess further opportunities. I’m sure Tradition will continue its exponential growth trend, including the increased hybrid automation of the broking business.”

He added: “The culture and values of Tradition are strong and I will always value the family atmosphere, alongside the professionalism that encompasses the Tradition ethos. It is good to be leaving the group in such capable hands."

Anderson, who has run Tradition UK with Marcus since September 2016, said: “It has been a pleasure working with Dan for the last 13 years. His contribution to Tradition cannot be overstated. He has been a great asset to the group, both from a management and strategic perspective. We will miss Dan as both a colleague and a friend. He is respected and well liked across the business and we wish him the very best for his next venture."

Marcus has held many senior roles in his time at Tradition. He was latterly the co-head of Tradition UK with Anderson, the group’s global head of strategy and business development, the chief executive of Trad-X, the firm’s swap platform, and the chief executive of currency venue ParFX.

He was also an advisory member of the ICE Swap Rate Oversight committee that managed the replacement of ISDAFix with the new lending methodology.

Marcus joined Tradition in September 2007 as general counsel before becoming a strategy director in 2010, the managing director of strategy and business development in 2011 and the global head of those functions in 2013.

He joined the broker-dealer from the London Stock Exchange Group where he was also general counsel and worked to resist hostile bids for the UK exchange from exchanges Deutsche Boerse and Euronext, and Australian bank Macquarie.

Marcus started his career in 1996 as a solicitor specialising in venture capital at Nabarro Nathanson, now part of CMS.