Interdealer broker ICAP is reorganising to create a single, global broking division to reflect the changing nature of its business and serve customers more effectively.
Until now ICAP has operated its broking business on a regional basis in the Americas, EMEA and Asia Pacific.
The reorganisation mirrors the way ICAP’s electronic and post trade divisions are already run on a global basis and will enable the group to execute a global strategy for voice and hybrid broking services.
The division will also be renamed "Global Broking" from "Voice" as it better describes ICAP’s broking interface to markets and the significant and increasing electronic component.
The new division will be run by David Casterton (pictured), most recently chief executive of the EMEA voice business. He will have three regional heads reporting to him: Hugh Gallagher who remains chief executive of Asia Pacific and a member of ICAP's global executive management group (GEMG), and Gary Smith and Dan Flannery, who are promoted to be the head of EMEA broking and head of Americas broking, respectively.
Doug Rhoten becomes chairman of ICAP Americas, a role that gives him direct responsibility for a number of the firm’s most senior customer relationships and for managing ICAP’s Brazilian operations as well as strategy and leadership of ICAP’s responses to upcoming regulatory changes.
Michael Spencer, group chief executive, says: “The markets we operate in are undergoing unprecedented change. One of ICAP’s great skills is its ability to innovate and adapt to market conditions and exploit new opportunities. In 26 years we have grown from a company of four people to one with more than 5,000 in more than 50 countries. As we develop, it is vital that our structure reflects our business and our customer needs. The changes we are announcing today will give us a clear global structure that will ensure our continued success and enable us to serve our existing and potential customers on a worldwide basis.”
The changes become effective on 1 September.