The broker has hired Humphrey Percy to lead the effort. He joins from SGM Foreign Exchange, a company he founded.
An Icap spokesman said the company had reviewed the possibility of an acquisition but had not found any targets it found suitable. He was unable to give a timetable for future developments, but said expansion in North America, where Icap has virtually no futures activity, was a priority.
“Percy’s considerable experience will speed up the expansion of our existing small futures business into a global operation,” said Icap chief executive Michael Spencer.
Percy confirmed the enterprise would be built around the BrokerTec platform, which already handles transactions valued at $250 billion daily. Other plans include a global futures clearing service and an expansion of the broker’s exchange-traded interest rate options business.
The week on Risk.net, August 19-25, 2016Receive this by email