FX news: ICAP adds to post-risk portfolio
Icap announced on Thursday that it has received final regulatory approval to complete the acquisition of the remaining 61.78% of stock in Swedish post-risk services company TriOptima on March 24.
Plans for the acquisition were announced on February 5. Icap will initially pay SKr1,074 million in cash, financed from Icap’s existing debt facilities.
TriOptima will join a number of other companies in Icap’s newly formed post-trade risk division. Mark Beeston, director of business development for the post-trade risk division says: “Icap has been developing a post-trade risk and information business to provide innovative services that enable our customers to reduce their costs and risks and increase their efficiency.
“Establishing a formal division of the company will enable us to maximise the potential of these businesses whilst preserving the entrepreneurial cultures of the individual companies.”
Mark Yallop, Icap group COO, says: “Demand for improvements in market infrastructure have continued to provide major opportunities for Icap, and post-trade and risk services have become an increasingly important part of our activities over the last few years.
“In the first half of this financial year, 19% of Icap’s profit came from post-trade and information services, and we expect that proportion to continue to grow.”