BGC poaches four-strong Icap derivatives team

BGC Partners has hired a four-strong Scandinavian foreign exchange forwards and derivatives team from interdealer broker rival Icap in Copenhagen.

The team, which started leaving Icap last Friday, is set to operate a desk for BGC in Copenhagen. But it will initially commute from Denmark to BGC's offices in Nyon, Switzerland.

John Herbert, managing director and head of money market products, spot and forwards foreign exchange at Icap in London, said the team's departure will have a minimal impact on the UK broker.

Currently, Icap has 26 brokers covering foreign exchange and derivatives between London and Copenhagen. The company will be hiring immediately to replace the four departing staff. Herbert added that Icap has seen increased turnover on its I-Forwards system, its hybrid FX service.

The team included Magnus Andersson, Kim Nielsen, Harald Lagem and Ben Clifford. At BGC, they will report to Shaun Lynn, president of BGC in London. BGC refused to confirm the hires.