ICAP Securities
Sub-brand
UnclaimedICAP 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 wholesale financial, energy, and commodities markets, operating as part of the TP ICAP Group. It facilitates and executes trades on behalf of the world's 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 all major asset classes and instruments. Its history includes the 1999 merger of Garban plc and Intercapital plc to form Garban-Intercapital plc, renamed ICAP plc in July 2001, and the 2012 acquisition of Plus Stock Exchange plc, relaunched as the ICAP Securities and Derivatives Exchange (ISDX).
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), one of only six Regulated Investment Exchanges (RIE) in the United Kingdom.
Products and positioning
World-leading intermediary in wholesale financial, energy, and commodities markets
Product categories. Broking services across rates, equities, FX, money markets, fixed income, local markets, and credit · Energy and commodities brokerage including base and precious metals, emission credits, crude oil and oil products, electricity, natural gas, coal, freight, and weather derivatives · Electronic trading platforms · Trading venues including Swap Execution Facility and MiFID venues
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