Capping it all
Established as the City of London underwent revolutionary change in the 1980s, interdealer broker Icap is now one of the biggest names in derivatives. Founder and chairman Michael Spencer talks to Alexander Campbell
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
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