ICAP business
ICAP is the world’s premier voice and electronic interdealer broker and provider of post trade risk and information services. The Group is active in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives.
Electronic broking and voice broking
An interdealer broker draws together willingness to buy and sell in wholesale markets.
ICAP uses voice broking or electronic networks to bring these buyers and sellers together, facilitating price discovery and receiving a commission when a transaction is entered into.
In many of the markets where ICAP operates, voice brokers help to create liquidity and facilitate the price discovery process.
This is particularly important in non standardised, bespoke markets where the number of parties willing to enter certain transactions may be limited. In more standardised markets with higher and more frequent participation, such as spot FX and government bonds, ICAP operates electronic broking platforms. ICAP’s combined solution offers access to markets across all asset classes and levels of liquidity.
Click here to see a diagram outlining the process of interdealer broker 
Information
ICAP information empowers customers to make trading decisions with authoritative, independent and consistent OTC market information, across a range of asset classes. Our data is the intelligence behind algorithmic trading and research models for customers and it is a key source of mark-to-market data for the industry.
Post trade risk
ICAP also provides a range of post trade risk services to help its customers reduce operational and systemic risk in their markets.
This increases their capacity, reduces their costs and creates new trading opportunities, which in turn benefits ICAP.
Click here for 2011 Annual Report