“Market Cap $4.18 B As of May 2014
At a Glance
- Industry: Investment Services
- Founded: 1998
- Country: United Kingdom
- CEO: Michael Spencer
- Website: www.icap.com
- Employees: 4,976
- Sales: $2.31 B
- Headquarters: London
#1878 Global 2000
- #721 in Assets
ICAP Plc operates as a voice and electronic interdealer brokerage company in the United Kingdom. It provides post trade risk and information services to commercial banks, investment banks and other liquidity providers. The company operates in three segments: Core Voice Broking, Electronic Broking and Post Trade Risk and Information. The Core Voice Broking segment offers broking services for a wide range of asset classes including rates, FX, commodities, emerging markets, credit and equities. The Electronic Broking segment operates electronic broking platforms, which offers trading solutions to customers in a wide range of instruments including spot FX, U.S. Treasuries, European government bonds and EU and U.S. repo and many more in the OTC FX and fixed income markets. The Post Trade Risk and Information segment is comprised of portfolio risk services, which include Reset, ReMatch and TriOptima which identify, remove, neutralize and reconcile risk within portfolios of derivatives transactions. The company was founded on September 9, 1999 and is headquartered in London, the United Kingdom.“
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 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 intoUnited News & Media plc: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 asGarban plc.
The company changed its name from Garban-Intercapital plc to ICAP plc in 2001.
In 2006 it bought EBS, a major trading platform for foreign exchange.
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 London and has a development centre in Tel Aviv, Israel.
In June 2012 ICAP acquired Plus Stock Exchange plc and relaunched it as the ICAP Securities and Derivatives Exchange (ISDX), one of only six Regulated Investment Exchanges (RIE) in the United Kingdom, the others being the London Stock Exchange (LSE), the London International Financial Futures and Options Exchange (LIFFE), the London Metal Exchange (LME), the Intercontinental Exchange (ICE) and BATS Chi-X Europe.
In September 2013, ICAP settled allegations that they had manipulated the London Interbank Offered Rate (LIBOR). The United States Department of Justice charged three former employees, and ICAP paid $65 million to the U.S.’s Commodity Futures Trading Commission and £14 million ($22 million) to Britain’s Financial Conduct Authority.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “ICAPMediaCentre“