ICAP in bid to bag US bond firm
12 April 2012
MONEY broking group ICAP will launch a £200m takeover of US trading system Brokertec within the next two weeks, say sources close to ICAP. ICAP, formerly known as Garban Intercapital, is expected to take advantage of market turbulence to make the move, which will mark a major expansion into America.
Brokertec, launched three years ago, is thought to handle 40% of government bond trading in the US. ICAP is an £840m company that brokers deals between financial firms in bonds, currencies and contracts linked to interest rate movements. It is at present locked in a legal battle with rival Cantor Fitzgerald over alleged staff poaching after 11 September.
