Articles tagged by Icap
Michael Spencer, the group CEO of Icap, claimed to be
“cautiously optimistic” about his firms’ future prospects despite heightened
uncertainty surrounding the macroeconomic outlook for the UK and the global
In a trading statement for the period April 1 2016 to ...
EBS BrokerTec has hired Jim
Iorio as its new global head of sales and also appointed him to the firms’ executive
Based in New York, Iorio
will be responsible for all sales across both the EBS and BrokerTec ...
Gil Mandelzis has decided to step down from his position as CEO of EBS BrokerTec, and will be leaving the company in due course, Icap announced today.
In a statement issued today regarding this news, Michael Spencer, CEO of Icap, ...
ICAP’s EBS average daily volumes
(ADV) were up 1% year on year in July, standing at $83 billion. Nevertheless,
volumes saw a sharp drop on a month on month basis in July, being down by 15%
compared to June, ICAP reports.
The UK’s Competition and Markets Authority (CMA) has indicated that it is satisfied with the altered terms of the proposed merger between Tullett Prebon and Icap, and will not refer the deal for an in-depth investigation.
Profit & Loss reported in June that the two brokerages offered to change the terms of the proposed acquisition of Icap’s global wholesale broking and information business (IGBB) by Tullett in order to avoid an in-depth investigation by the CMA.
Under the terms of the new proposal, Icap and Tullett agreed to sell Icap’s London-based oil desks – with key staff – that are responsible for providing broking services to customers based in EMEA to an up-front buyer approved by the CMA.
Chinese financial data provider Wind Information, has extended its joint service with Icap Information Services to provide market data that includes real-time US Treasury pricing and global FX spot rates.
Following the partnership signed in early 2015 between the two parties to provide offshore Chinese renminbi (CNH) and end-of-day US Treasury data in China, the new offering now includes real-time benchmark data for US Treasury yield curves. Together with the data already available, Wind Info's client base can now gain access to timely, accurate data via the Wind terminal to enable more accurate price discovery and pre-trade analysis.
Tullett Prebon has named its global executive committee in anticipation of a successful completion of its deal to acquire Icap’s hybrid broking and information business later this year.
“These appointments are being made after a rigorous and extensive review process and determination of the best initial structure for TP Icap,” the firm says, adding that each member of the committee will report to John Phizackerley, the group chief executive.
The committee will oversee the strategy and management of TP Icap, and will monitor and govern the commercial and financial performance across the regions, global business lines and global corporate functions.
Icap has acquired Abide Financial, a regulatory reporting specialist with the intention of the company becoming a subsidiary of its Post Trade Risk and Information (PTRI) division, with Collin Coleman, Abide’s CEO, reporting to Jenny Knott, CEO of PTRI.
Following the acquisition, Abide will integrate its regulatory reporting hub and venues with Traiana’s connectivity and Icap’s PTRI Approved Publication Arrangement (APA) reporting service providing PTRI’s client base with a full spectrum of integrated reporting solutions for entities subject to regulatory regimes in Australia, Canada, Europe, Hong Kong, Singapore, UK and the US.
There was a fair amount of chatter about the future of Icap (soon to become ‘Nex’) at the recent Profit & Loss Forex Network Chicago conference, with much of it centering around likely purchasers of the company once it sells its global wholesale broking and information business (IGBB) to Tullett Prebon.
“The other broader question hanging around the firm as it transitions into Nex is whether [CEO Michael] Spencer is priming the new entity for a sale,” Profit & Loss noted in an article published prior to the conference last month.
It seems that many of the attendees of Forex Network Chicago had, in their own minds at least, decided that the answer to this question was that the firm is indeed up for sale. The speculation then turned to who would be interested and able to buy the firm.
After four and a half years, Gil Mandelzis has stepped down as CEO of EBS BrokerTec. In a wide-ranging conversation with Colin Lambert he talks about his time in charge of what remains an important piece of the foreign exchange industry's infrastructure; the challenges and rewards involved in transforming EBS into a multi-product business; the rebuilding of trust with the industry; geographical and economic growth; and his hopes for the future of the firm - and the wider FX industry.
Last week’s Icap results saw a sell of in the share price due to the under-performance of the Nex Group. Normally I wouldn't bother myself with share price movements (and I won't now to any degree) but any move that reflects market expectations for the Nex Group is interesting, not least because it could inform the price of any potential takeover bid. Nex is, in many ways, a proxy for the OTC industry so is it right that stock markets seem bearish (for this five minutes at least) over FX and OTC markets?
Stuart Connolly has joined Icap as head of client product development for its Post Trade Risk and Information (PTRI) division.
He joined Monday (21 November) in what is a newly created role, will report to Jenny Knott, CEO for PTRI and will be based in London.
Connolly will work with each of PTRI's businesses to leverage data and develop client data services through the identification of real life client use cases. Icap says he will provide insights and partner with the relevant data analytics teams in PTRI to build and launch a variety of complementary data services interoperable with PTRI's businesses.
Icap held its 24th annual global Charity Day today, with 100% of company revenues and commissions for the day being donated to a selection of over 200 charities around the world.
Since the inception of Charity Day in 1993, Icap has raised over £127 million for more than 2,000 well-deserving causes worldwide.
In 2015 alone, the company raised £7.5 million globally on Charity Day, the equivalent of approximately 3% of ICAP's full year pre-tax profit for the 2015/2016 financial year.
The sale of ICAP’s globally hybrid voice broking and information business to Tullett Prebon, now named TP ICAP (TP Icap), which includes the associated technology and broking platforms and certain joint ventures and associates, has completed today. The remaining business, which includes EBS BrokerTec, as well as Traiana, will remain under the newly named NEX Group (Nex). The board of NEX also announces that the Share Consolidation will become effective with effect from Admission today, at which point the total issued ordinary share capital of NEX will be 379,735,432 ordinary shares of 17.5 pence each.
Nex Group says that the United States District Court in the Southern District of New York has dismissed two entities which formed part of the Icap Group (Icap plc and Icap Europe Limited) from a class action case brought by various investors who alleged manipulation of the Euro Interbank Offered Rate, Euribor.
The liability for for the two entities resided with Nex Group under the terms of the recently completed transaction with Tullett Prebon that saw Icap’s voice and information services business merged with that firm.
A US judge has reportedly dismissed a class action brought against a group of banks and brokers alleging manipulation of Yen Libor rate settings.
According to a release from Nex Group, Icap Plc and Icap Europe were among the defendants in two lawsuits, the Sonterra Yen Libor Class Action and the Laydon Yen Libor Class Action, along with 43 others, mainly banking groups and subsidiaries. Nex says that a US judge in the Southern District of New York has dismissed the Sonterra action in its entirety.
FICC data analytics company Mosaic Smart Data has added two finance and technology experts to its executive team.
Stephen Caplen joins as chief financial officer (CFO) and John Showell becomes the company’s new chief operating officer (COO).
Caplen was most recently deputy group CFO at interdealer broker Icap and has also held posts as CFO at EBS and deputy head of finance at the London Stock Exchange.
Showell, meanwhile, was last at ION Trading, where he was client services director.
Intercapital Capital Markets (Intercapital), a NEX Group subsidiary formerly known as ICAP Capital Markets (ICAP), has agreed a $50 million settlement with the US Commodity Futures Trading Commission (CFTC) in relation to allegations that some of its brokers aided and abetted attempts by several of its bank clients to manipulate the ISDAFIX benchmark.
A CFTC order issued today finds that over more than five years, beginning in at least January 2007 and continuing through December 2012, ICAP’s swaps brokers were regularly enlisted by traders at bank clients to assist in attempting to manipulate the US dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) for the benefit of their bank clients’ derivatives positions, including positions involving cash-settled options on interest rate swaps.
The average daily volume (ADV) of spot FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018.This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively. Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.