Things appear to be settling down in the Asian inter-dealer broking market after a long running legal argument was settled last week.
In a statement, Icap Australia says that its claim against BGC over the alleged “poaching” of 22 staff in Sydney in early 2005, has been settled. “The Proceedings have been settled without any admission of liability by any of the parties and a sum has been paid by BGC to ICAP," the firm says in a statement.
The row was one of several that erupted in 2005 in Asia Pacific over alleged poaching of staff between the inter-dealer brokers, with Icap on the receiving end of claims by Tullett Prebon that is had itself poached 27 staff from Tullett in Singapore and Hong Kong. This was resolved with Icap settling, also with an undisclosed payment to Collins Stewart Tullett.
The 22 that left Icap were the core staff tasked with setting up a broking operation in Sydney for Cantor Fitzgerald, parent company of BGC. The departures followed the move of Mark Webster, former CEO of Icap, Asia Pacific, who moved to BGC. Hardest hit was Icap’s futures broking operation which was forced to temporarily close after the mass exodus.