.gif)
ICAP (company)
Encyclopedia
ICAP plc is a UK based voice and electronic dealer broker and provider of post trade risk services, the largest in the world carrying out transactions for financial institutions rather than private individuals. ICAP plc is headquartered in London, United Kingdom and operates from London, New York (Jersey City) and Tokyo with offices in a further 21 smaller financial centres such as Madrid and Sydney. The average daily transaction volume for ICAP plc exceeds US$1.5 trillion, more than 60% of which is electronic. ICAP is an abbreviation for Intercapital, a name by which the business was previously known. The company is listed on the London Stock Exchange
and is a constituent of the FTSE 100 Index
.
Intercapital plc was originally founded by Michael Spencer
in 1986 as Intercapital Private Group Limited ('IPGL'); in 1998 it was acquired by Exco plc
in a reverse takeover
and the enlarged business was renamed Intercapital plc.
Garban plc was originally established in the 1970s as the financial services division of MAI plc. Several takeovers followed, starting in 1977 when MAI plc acquired Harlow, Meyer and Co. Mallon & Dorney and Garvin GuyButler were both acquired by 1982 and in 1983, Garban LLC was acquired giving MAI plc significant broking interests in the UK and overseas. In 1996, MAI plc was merged into United News & Media plc
: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 as Garban plc.
The company changed its name from Garban-Intercapital plc to ICAP plc in 2001.
On 5 December 2007, ICAP acquired Traiana, Inc. for $247 million (£121 million). Traiana is a provider of post-trade processing, client servicing, and trading partner integration solutions for financial institutions. The company is headquartered in New York
and has a development center in Tel Aviv
, Israel.
The business is managed across the following three divisions: core voice broking (by geographic region), electronic broking and post-trade risk and information.
The company operates in 32 countries. The biggest units are in the UK, the US, and Brazil.
It owns EBS
, a major trading platform for foreign exchange. It was purchased in 2006.
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The company developed from a merger between Garban plc and Intercapital plc which created Garban-Intercapital plc in 1999.Intercapital plc was originally founded by Michael Spencer
Michael Spencer
Michael Alan Spencer is a British businessman; the chief executive of ICAP plc, the world's largest interdealer broker...
in 1986 as Intercapital Private Group Limited ('IPGL'); in 1998 it was acquired by Exco plc
Exco International
Exco International was a leading British money brokering company. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by British & Commonwealth Holdings in 1986.-History:...
in a reverse takeover
Reverse takeover
A reverse takeover or reverse merger is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public...
and the enlarged business was renamed Intercapital plc.
Garban plc was originally established in the 1970s as the financial services division of MAI plc. Several takeovers followed, starting in 1977 when MAI plc acquired Harlow, Meyer and Co. Mallon & Dorney and Garvin GuyButler were both acquired by 1982 and in 1983, Garban LLC was acquired giving MAI plc significant broking interests in the UK and overseas. In 1996, MAI plc was merged into United News & Media plc
United Business Media
UBM plc is a magazine publisher, news distributor and events organiser providing business information services principally to the technology, healthcare, media, automotive and financial services industries...
: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 as Garban plc.
The company changed its name from Garban-Intercapital plc to ICAP plc in 2001.
On 5 December 2007, ICAP acquired Traiana, Inc. for $247 million (£121 million). Traiana is a provider of post-trade processing, client servicing, and trading partner integration solutions for financial institutions. The company is headquartered in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
and has a development center in Tel Aviv
Tel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
, Israel.
Operations
ICAP trades in a number of areas, including interest rates, credit, credit derivatives, softs and eggs (such as sugar, coffee, wheat, and corn), energy (such as gas and oil), foreign exchange, and equity derivatives.The business is managed across the following three divisions: core voice broking (by geographic region), electronic broking and post-trade risk and information.
The company operates in 32 countries. The biggest units are in the UK, the US, and Brazil.
It owns EBS
Electronic Broking Services
Electronic Broking Services is a wholesale electronic trading platform used to trade foreign exchange with market making banks...
, a major trading platform for foreign exchange. It was purchased in 2006.
Competition
- Tullett PrebonTullett PrebonTullett Prebon plc is one of the largest inter-dealer money brokers in the world. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.- History :...
- BGC Partners (a subsidiary of Cantor Fitzgerald L.P.Cantor Fitzgerald L.P.Cantor Fitzgerald L.P. is a global financial services firm specializing in bond trading.The firm is one of twenty primary dealers who trade U.S...
) - GFI GroupGFI GroupGFI Group Inc. through its subsidiaries provides brokerage services, trade execution, market data, trading platforms and other software products to institutional customers in markets for a range of fixed income, financial, equity and commodity instruments...