ICAP

ICAP plc was founded in 2001 as a UK based interdealer broker that would deliver specialist intermediary broking services to trading professionals in the wholesale financial markets. The company describes itself as “the world’s premier voice and electronic interdealer broker”.

The group operates in established markets and emerging markets. As a result ICAP has become the source of global market information and commentary for professionals in the international financial markets.

ICAP has a wide range of financial products and services. These include:

• Interest rates. ICAP offers voice, electronic and combined broking solutions. Each month ICAP publishes average daily volume data in selected products. The volume figures cover electronically traded products such as spot foreign exchange and US treasury products.
• Credit. The group is active in trading technology and solutions for credit products and derivatives including government and corporate bonds and mortgage backed securities.
• Energy. ICAP energy an energy broker. It is the commodity company of the ICAP group and provides coverage of base and precious metals, emission credits, crude oil and oil products, electricity, natural gas, coal, freight and weather derivatives.
• Foreign Exchange. ICAP is a leading voice, electronic and automated broking services in forward Foreign Exchange - a foreign exchange transaction that involves the purchase of one currency against the sale of another for delivery on an agreed date in the future, and spot foreign exchange – a transaction that involves the purchase of one currency against the sale of another at an agreed price for delivery on a value date which is usually the trade date plus two working days.
• Emerging Markets. ICAP provides products and services to help customers benefit from the growth in developing markets. These include foreign exchange, government and corporate bonds.
• Equities. ICAP offers a range of solutions for trading equities, acting as an interdealer broker for both listed and over the counter equities and equity derivatives including securities lending and options.

ICAP operations

ICAP has developed a range of innovative and established trading and market data solutions for professionals across both emerging and developed markets. They operate in three primary regions:

• Americas. ICAP has offices in New York, Louisville, Houston, Chapel Hill, Burlington, Wilton and Mexico.
• Asia Pacific. The group has a presence in all the financial markets and regional centres in Asia including Australia, Beijing, Hong Kong, Mumbai, Jakarta, Tokyo, Seoul, Kuala Lumpur, Wellington, Philippines, Singapore and Bangkok.
• Europe and Africa. ICAP’s operations in this region include London, Amsterdam, Bergen, Copenhagen, Frankfurt, Johannesburg, Madrid, Bahrain, Warsaw and Paris.

History of ICAP

ICAP has come about as a result of a variety of mergers and demergers. ICAP plc was previously known as Garban-Intercapital plc but was changed to ICAP plc in 2001. The previous name was a result of the merger which created the company between Garban plc and Intercapital plc in 1999.

Both companies were also the products of mergers — Intercapital founded by present CEO Michael Spencer was the product of a merger with EXCO plc to form Intercapital plc. Garban plc was the product of several takeovers that began in 1977.

The company has grown significantly since the merger in 2001and now has an average daily transaction volume exceeding $1 trillion.