Part of the TP ICAP Group, ICAP is a world-leading intermediary in the wholesale financial, energy, and commodities markets. We facilitate and execute trades on behalf of the world's preeminent financial institutions, ensuring efficient and liquid markets.
Through our expert brokers, and leading technology, clients benefit from our integrated approach to trade advisory, price discovery, and trade execution. The outcome is superior liquidity solutions, tailored to our clients’ needs. We operate in 22 countries, from 33 locations, and cover all major asset classes and instruments.
ICAP was formed in September 1999 by the merger of Garban plc and Intercapital plc.
The 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. Garban-Intercapital plc was renamed ICAP plc in July 2001.
Intercapital was set up in May 1986, initially to concentrate on the new interest rate swaps market. 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 centres.
In 2006, ICAP bought EBS, a major trading platform for foreign exchange, and then acquired Traiana Inc – a provider of post-trade processing, client servicing, and trading software for financial institutions – in December 2007.
In June 2012 ICAP acquired Plus Stock Exchange plc and relaunched it as the ICAP Securities and Derivatives Exchange (ISDX), one of only six Regulated Investment Exchanges (RIE) in the United Kingdom, the others being the London Stock Exchange (LSE), the London International Financial Futures and Options Exchange (LIFFE), the London Metal Exchange (LME), the Intercontinental Exchange (ICE) and BATS Chi-X Europe.
In November 2015, ICAP agreed terms for the disposal of its global hybrid voice broking and information business to Tullett Prebon.