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ICAP is a world-leading intermediary in wholesale financial, energy, and commodities markets, part of the TP ICAP Group.

Last updated September 16, 2026

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Overview

ICAP is a world-leading intermediary in the wholesale financial, energy, and commodities markets, operating as part of the TP ICAP Group. It facilitates and executes trades on behalf of leading financial institutions, combining broker expertise with technology to provide price discovery, liquidity, and privacy. ICAP operates in 22 countries from 33 locations and covers major asset classes including rates, equities, FX, money markets, fixed income, local markets, credit, and energy and commodities. It also operates electronic trading platforms and trading venues.

History

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).

Products and positioning

World-leading intermediary in wholesale financial, energy, and commodities markets

  • Financial Markets broking

    Broking services across rates, equities, FX, money markets, fixed income, local markets, and credit

  • Energy & Commodities Markets broking

    Brokerage solutions across base and precious metals, emission credits, crude oil and oil products, electricity, natural gas, coal, freight, and weather derivatives

  • Electronic Markets

    Market leading platforms to enable clients to trade electronically in global markets

  • ICAP Trading Venues

    Ability to trade on multiple venues, including as a Swap Execution Facility and MiFID venues

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