ICAP plc

ICAP plc

ICAP plc originated in 1999 from the merger of Garban plc and Intercapital, creating a dominant force in over-the-counter financial market intermediation. The firm was founded under the leadership of Michael Spencer, who served as CEO through much of its growth period. Spencer's background as a trader and currency broker shaped ICAP's focus on matching buyers and sellers in bond, swap, and foreign exchange markets. ICAP's core business was interdealer broking, covering fixed income, currencies, commodities, and equity derivatives. The firm also developed electronic trading platforms such as EBS for FX and BrokerTec for fixed income, both of which became market-standard infrastructure. In 2016, ICAP restructured, merging its voice and hybrid broking operations with Tullett Prebon and rebranding that combined entity as TP ICAP. ICAP plc retained a minority stake in TP ICAP and also held a separate data services business. The company's reach extended across major financial centers including London, New York, Paris, and Zurich. At its peak, ICAP employed over 4,000 professionals globally. Since the 2016 restructuring, ICAP plc has operated as a holding entity, gradually reducing its ownership in TP ICAP. In 2021, it sold its remaining stake in TP ICAP, essentially completing the transition. Structural differentiator: ICAP plc no longer operates an active investment or trading business; its current function is that of a legacy holding company, unwinding interests from the historic interdealer broker empire. That makes it fundamentally different from a family office or asset manager — it exists to manage residual corporate assets rather than deploy new capital.