ICAP was buffeted by competition from Dealerweb, a hybrid electronic and voice broker, in 2009, losing 85 percent of its mortgage bond business over a period of six weeks. ICAP also took a stake in Prism Valuation and made a deal allowing Prism Valuation to use ICAP data as the main underlying source of OTC information for its services. The consortium of banks, which include Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, JPMorgan, Nomura and Royal Bank of Scotland, also received an option to buy an additional 20 percent of Traiana at a later date. ICAP sold a 12 percent stake in Traiana in January 2013 to a group of seven of its largest customers. 2007 when it purchased Traiana, a post-trade network for FX, exchange-traded derivatives, equities and equity derivatives in a transaction valued at $247 million. ICAP took a significant step in growing its business in Oct.
In June 2006 ICAP acquired the bank-owned electronic OTC currency trading platform EBS for $775 million in cash and in the same month ICAP plc was added to the FTSE 100 Index. ICAP uses the BrokerTec platform, which it acquired in 2003, for its electronic trading. ICAP has a local footprint in 32 countries and more than 70 locations worldwide. As a specialist financial derivatives broking firm, Intercapital grew from the original four people to more than three hundred worldwide, with offices in London, New York, Sydney, Singapore and all major financial centers.
Michael Spencer set up Intercapital in May 1986, initially to concentrate on the new interest rate swaps market. Garban-Intercapital plc was changed to ICAP plc in July 2001. 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. In November 1998, Garban was demerged from United Business Media plc. Exco plc acquired the wholesale broking operations of IPGL in a reverse takeover in October 1998 and changed its name to Intercapital plc. We are pleased to bring NDF trading to NEX SEF and will continue to evolve the platform alongside our customers,” said Seth Johnson, CEO, NEX Markets.ICAP, formerly Garban-Intercapital plc, was formed in September 1999 by the merger of Garban plc and Intercapital plc.
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“NEX SEF is instrumental in NEX’s mission to provide trading environments to suit the full range of our customers’ needs. NEX SEF will also begin operation in Canada, and has been approved as a multilateral trading facility (MTF) in Europe. It was once the most used interdealer SEF for interest rate swaps, however it has since fallen behind other dealer-to-client platforms such as Tradeweb and Bloomberg. ICAP SEF became part of Tullett Prebon at the end of last year, after the £1.3 billion sale of ICAP’s voice and hybrid brokering business. NEX received regulatory approval from the US Commodity Futures and Trading Commission (CFTC) in April to go live with the SEF, which will facilitate trading of non-deliverable forwards from NEX Markets’ EBS platform. NEX Group has gone live with its US swaps execution facility (SEF), bringing the former ICAP company back on the scene for electronic FX swaps trading.
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