Capping it all

Profile

risk20-0707-11-gif

Twenty-one years ago, former commodity broker Michael Spencer set up Intercapital, a four-man specialist brokerage operating in the then-embryonic London interest rate swaps market.

Today, after a series of acquisitions and mergers - with money broker Exco in 1998, bond and fixed-income dealer Garban in 1999, electronic fixed-income dealer BrokerTec in 2003 and currency trading platform EBS last year - Intercapital has become Icap, the leading interdealer broker.

The market in which Icap opera