On June 3, 2013, ICAP began trading in Sterling (GBP) interest rate swaps on its electronic interest rate derivative platform. On February 15, 2013, ICAP launched its electronic interest rate derivative platform in the US for trading of US Dollar (USD) interest rate swaps. credit default swaps on using its BrokerTec platform. ICAP passed the $300 billion mark in electronically traded U.S. As of 2013, around a third of all ICAP's 1 – 30 year Euro IRS trades are executed electronically through the platform. The platform went live on September 6 and is open to market making banks that have access to a clearing house for interest rate derivatives. 31, 2010, ICAP announced it would launch an electronic market for Euro interest rate swaps in an effort to reduce operational and system risk in the OTC derivatives markets. The company said it would continue to develop its execution-only business in London and remained committed to expanding its Brazilian and U.S. In 2010 ICAP dropped its full-service stock-trading business in Europe and Asia after it failed to perform as hoped. In September 2009, ICAP and insurance intermediary Jardine Lloyd Thompson closed their joint venture vehicle, ICAP-JLT Ltd, after disappointing trading volume.
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The dividend payments would go to Spencer's company IPGL, the paper reported, which owns the ICAP shares plus London-based brokerage Exotix and spread betting firm City Index. ICAP CEO and founder Michael Spencer was reported by London's Daily Mail newspaper to have collected a 2009 windfall payment of £23m in dividends from his £602m worth of ICAP shareholdings following the release of ICAP's 2008-09 financial statement. Ocean Tomo’s Vice Chairman, Dean Becker, and nine employees joined ICAP. ICAP Patent Brokerage includes the Intellectual Property Live Auction venue, a Private Sale Brokerage unit, the Patent Bid/Ask Platform and “The Deans List”. In 2009 ICAP acquired the transactions division of Ocean Tomo and renamed the new division ICAP Patent Brokerage. ICAP was buffeted by competition from Dealerweb, a hybrid electronic and voice broker, in 2009, losing 85 percent of its mortgage bond business over a period of six weeks. ICAP also took a stake in Prism Valuation and made a deal allowing Prism Valuation to use ICAP data as the main underlying source of OTC information for its services. The consortium of banks, which include Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, JPMorgan, Nomura and Royal Bank of Scotland, also received an option to buy an additional 20 percent of Traiana at a later date. ICAP sold a 12 percent stake in Traiana in January 2013 to a group of seven of its largest customers. 2007 when it purchased Traiana, a post-trade network for FX, exchange-traded derivatives, equities and equity derivatives in a transaction valued at $247 million. ICAP took a significant step in growing its business in Oct. In June 2006 ICAP acquired the bank-owned electronic OTC currency trading platform EBS for $775 million in cash and in the same month ICAP plc was added to the FTSE 100 Index. ICAP uses the BrokerTec platform, which it acquired in 2003, for its electronic trading. ICAP has a local footprint in 32 countries and more than 70 locations worldwide. As a specialist financial derivatives broking firm, Intercapital grew from the original four people to more than three hundred worldwide, with offices in London, New York, Sydney, Singapore and all major financial centers. Michael Spencer set up Intercapital in May 1986, initially to concentrate on the new interest rate swaps market. Garban-Intercapital plc was changed to ICAP plc in July 2001. The Garban-Intercapital merger brought together Garban's government and corporate bonds, interest rate products and money market instruments with Intercapital's interest rate swaps and options, commodity swaps, illiquid securities and foreign exchange options. In November 1998, Garban was demerged from United Business Media plc. Exco plc acquired the wholesale broking operations of IPGL in a reverse takeover in October 1998 and changed its name to Intercapital plc. ICAP, formerly Garban-Intercapital plc, was formed in September 1999 by the merger of Garban plc and Intercapital plc.
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