London-based interdealer broker Icap is closing down its credit hybrids business, according to sources close to the situation. The decision has resulted in the departure of Bill Mertens, New York-based head of credit hybrids at the firm, as well as New York-based broker Kregg White. Icap declined to comment.
Mertens worked at Icap since June 2005 and previously served as a director at Deutsche Bank, trading structured interest rate and credit derivatives. Prior to that, he ran US dollar interest