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Foreign Exchange

Icap restructures voice-broking division

Icap, the world’s largest inter-dealer broker, is restructuring its voice-broking division in an effort to reflect the global nature of its electronic and post-trade divisions, the company announced on Thursday.

The changes to the business are set for implementation from September 1. Icap’s voice-broking division previously ran on a regional basis in the Americas, EMEA and Asia Pacific, and the company says the reorganization plan will create a more unified global strategy for voice broking and hybrid brokerage services.

“The markets we operate in are undergoing unprecedented change,” says Icap group CEO Michael Spencer. “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 new global voice-broking division will be run by David Casterton, who will transfer from CEO of the EMEA voice business to become CEO global broking.

Hugh Gallagher will remain CEO of Asia Pacific and a member of Icap’s global executive management group, reporting to Casterton.

Gary Smith will be promoted to head of EMEA broking, taking over from Casterton, while Dan Flannery will become head of Americas broking, Icap says. Both will report to Casterton.

Meanwhile, Doug Rhoten will become chairman of Icap Americas in a role that will see him take responsibility for strategy and leadership of Icap’s responses to upcoming regulatory changes, as well as managing the company’s Brazilian operations.

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