ICAP
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| ICAP Plc | |
| Headquarters | London, England |
|---|---|
| Key People | Michael Spencer, Chief Executive; George Macdonald, CEO, ICAP London, Europe and Asia Pacific; Ron Purpora, President, ICAP North American Securities Businesses/President, First Brokers Securities (ICAP subsidiary); Douglas Rhoten, CEO, ICAP North America; John Nixon, CEO, ICAP Electronic Broking; David Rutter, Deputy CEO, ICAP Electronic Broking. |
| Products | Interdealer broker |
| Web site | http://www.icap.com/ |
ICAP Plc is a global voice and electronic interdealer broker. It also supplies global market information and commentary for professionals who use the international financial markets. The group offers a wide range of OTC (over-the-counter) financial products and services in energy, foreign exchange, interest rates, credit and equity markets and indices.
In 2006, ICAP reported that it had an average daily transaction volume valued at more than $1.5 trillion, the majority of which is electronic. In 2007, average daily electronic broking volume on ICAP exceeded $806bn, a 27-percent increase year-on-year.[1]
ICAP uses the BrokerTec platform, which it acquired in 2003, for its electronic trading.
ICAP plc was added to the FTSE 100 Index on June 30, 2006.
Contents |
History
ICAP, formerly Garban-Intercapital plc, was formed in September 1999 by the merger of Garban plc and Intercapital plc. Exco plc acquired the wholesale broking operations of IPGL in a reverse take-over in October 1998 and changed its name to Intercapital plc. In November 1998, Garban was demerged from United Business Media plc. The Garban-Intercapital merger brought together Garban's government and corporate bonds, interest rate products and money market instruments with Intercapital's interest rate swaps and options, commodity swaps, illiquid securities and foreign exchange options. Garban-Intercapital plc was changed to ICAP plc in July 2001.
Michael Spencer set up Intercapital in May 1986, initially to concentrate on the new interest rate swaps market. As a specialist financial derivatives broking firm, Intercapital grew from the original four people to more than three hundred world-wide, with offices in London, New York, Sydney, Singapore and a joint venture in Tokyo.[2]
In April 2006 ICAP acquired the bank-owned electronic OTC currency trading platform EBS for $775 million in cash.
In mid-January 2008 ICAP acquired a 15-percent stake in a commodity exchange in Chile, the Bolsa de Productos de Chile (BPC). This stake is valued at CLP$400m ($800,000),.[3] With this stake, ICAP becomes the first international investor to have an ownership stake in a Chilean exchange.
ICAP's platforms and market experience will be used to help the BPC develop new markets such as energy and new products including wine repos (exportable to European and Californian markets) and receivables that give access to the capital markets for small-sized businesses.
ICAP has been involved in the Chilean market since 2003, when it entered into a joint venture with Bolsa Electrónica. This joint venture supported the development of the electronic foreign exchange market and the creation of the first voice broker in Chile.
On November 14, 2008 Icap and Prism Valuation announced an OTC data deal that will allow Prism Valuation to use Icap data as the main underlying source of OTC information for its services. ICAP also took an equity stake in Prism.[4]
Products and Services
Key People
- Michael Spencer, group chief executive officer
- David Casterton, chief executive officer, ICAP London and EMEA.
- George Macdonald, CEO, ICAP London, Europe and Asia Pacific
- Ron Purpora, president, ICAP North American Securities Businesses/president, First Brokers Securities (ICAP subsidiary)
- Douglas Rhoten, CEO, ICAP North America
- John Nixon, CEO, ICAP Electronic Broking
- David Rutter, deputy CEO, ICAP Electronic Broking
- Kim Rosenkilde, appointed CEO, ICAP Asia-Pacific, effective January 1, 2009
Research & Published Works
References
- ↑ "ICAP Broking Volumes Reach Record Levels in 2007”. ICAP. Retrieved on Jan. 17, 2008.
- ↑ History-About the Group. ICAP. Retrieved on July 28, 2008.
- ↑ "ICAP Acquires 15 percent of Bolsa De Productos de Chili”. ICAP/BDP. Retrieved on Jan. 17, 2008.
- ↑ Icap and Prism Valuation strike OTC data deal. Finextra. Retrieved on November 14, 2008.
