Foreign exchange: Icap adds to post-trade portfolio
Icap has received final regulatory approval to complete the acquisition of the remaining 61.78% of stock in Swedish-based post-trade services company TriOptima.
Plans for the acquisition were announced on February 5. Icap will initially pay SKr1,074 million ($148 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 maximize 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."