ICAP (company)
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| Type | Public |
|---|---|
| Traded as | LSE: IAP |
| Industry | Banking |
| Founded | 1986 |
| Headquarters | London, United Kingdom |
| Key people | Charles Gregson – Chairman of the Board of Directors Michael Spencer – Group CEO Mark Yallop – Group COO Matthew Lester – Group CFO |
| Revenue | £1,605 million (2010)[1] |
| Operating income | £354 million (2010)[1] |
| Net income | £116 million (2010)[1] |
| Employees | 4,300 |
| Website | www.icap.com |
ICAP plc (LSE: IAP) 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.
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[edit] History
The company developed from a merger between Garban plc and Intercapital plc which created Garban-Intercapital plc in 1999.[2]
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.[3]
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.[2]
The company changed its name from Garban-Intercapital plc to ICAP plc in 2001.[2]
On 5 December 2007, ICAP acquired Traiana, Inc. for $247 million (£121 million).[4] 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.[5]
[edit] 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.[6]
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.
[edit] Competition
- Tullett Prebon
- BGC Partners (a subsidiary of Cantor Fitzgerald L.P.)
- GFI Group
[edit] See also
[edit] References
- ^ a b c "Annual Report 2010". http://www.icap.com/Download.aspx?fileid=ee7622fa-7604-4867-a54f-614bd9388089. Retrieved 18 April 2011.
- ^ a b c "ICAP History". Icap.com. http://www.icap.com/about-the-group/history.aspx. Retrieved 18 April 2011.
- ^ "Numis Corporation Board Changes" (PDF). http://www.numiscorp.com/uploads/field2_29-04-2003_14_32_43_3534_Board%20Changes,%20Equity%20Issue,%20LTIP.pdf. Retrieved 18 April 2011.
- ^ "ICAP acquires Israeli post-trade software firm Traiana". ITPro. 11 Oct 2007. http://www.itpro.co.uk/129389/icap-acquires-israeli-post-trade-software-firm-traiana.
- ^ "Traiana, Inc. - Company Profile". BusinessWeek. http://investing.businessweek.com/businessweek/research/stocks/private/snapshot.asp?privcapId=425789.
- ^ "ICAP plc 2007 Annual Report p2 ''ICAP and the OTC markets''". Miranda.hemscott.com. http://miranda.hemscott.com/ir/iap/ar_2007/ar.jsp?page=2. Retrieved 18 April 2011.
