Capping it all

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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

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