London, June 28, 2017: TP ICAP, the world’s largest interdealer broker, today announces a number of changes to its senior management team.

David Casterton has been appointed as Vice Chairman of ICAP with immediate effect.

This is a new senior role within the TP ICAP group, reporting directly to John Phizackerley, CEO of TP ICAP. As Vice-Chairman of ICAP, David will work to support the regional and global product and function heads within TP ICAP and will continue to sit on the group’s Global Executive Committee (GEC).

David is now TP ICAP’s most senior representative of the ICAP brand globally. He will relinquish his role as CEO of Global Broking for ICAP, but will now have responsibility for a broad array of advisory and strategic leadership functions, including a range of internal and external mandates relating to the ICAP brand.

Nicolas Breteau will now assume sole responsibility for TP ICAP Global Broking. The regional heads of Global Broking will each report to Nicolas. All four global business lines now report to a single leader, further streamlining of TP ICAP’s overall management structure.

Finally, Nick Deflora will step down from his role as CEO ICAP Americas and Deputy CEO TP ICAP Americas at the end of December. John Abularrage will assume sole leadership for the Region on January 1, continuing as CEO for TP ICAP for the Americas region, and overseeing Global Broking for both brands.

Commenting on the changes, John Phizackerley, CEO of TP ICAP said:

“I am looking forward to working even more closely with David who, having spent nine years as part of ICAP’s Global Executive Management Group, has shown a deep global knowledge in the business and the markets in which it operates. He is the ideal person to ensure that the ICAP brand continues to have a persuasive advocate and strong voice among the leadership of the firm. His experience and input will continue to be invaluable to me and to TP ICAP as a whole.”

“I am very pleased that Nicolas is taking responsibility for Global Broking across both Tullett Prebon and ICAP. He is an experienced and proven leader with an extensive track record across our industry.”

“I’d also like to thank Nick for his outstanding contribution to ICAP, and in the last few months, to TP ICAP. His deep industry and client knowledge will be sorely missed, as will his wit and can-do attitude. Nick's commitment to stay on to deliver a smooth transition over the rest of the year is typical of his professionalism and commitment to the firm. I look forward to working with Nick and John Abularrage over the next few months to ensure this transition is as seamless as possible.”

Tullett Prebon, ICAP and their associated brands will continue to operate separately and they will continue to compete. There is no change to the regional management structure as a result of today’s announcement.