Q&A: Michael Spencer on Europe, Tobin taxes, OTC reform and futures monopolies

Broking's Big Bang


Michael Spencer founded interdealer broker Intercapital in 1986, the same year the ‘Big Bang’ wave of liberalisation swept away the old jobbing firms at the London Stock Exchange (LSE), such as Ackroyd & Smithers, Pinchin Denny and Wedd Durlacher, replacing them with big, foreign players and electronic screens. Twenty-six years on, Intercapital is Icap, Spencer is its chief executive and the over-the-counter derivatives market that played a large part in the broker’s gro