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’Snap news
Breaking pre-market news on Tuesday,
- HSBC placing 6m Icap shares for chief executive Michael Spencer — statement.
- Tesco reports 3.6 per cent like-for-like sale growth in Q3 — statement.
- Xstrata to spend $23bn on new mines by 2016 — statement.
The costs of closing a stockbroking business
Another unpleasant surprise for the shareholders of ICAP, the inter-dealer broker run by outgoing Conservative party chairman Michael Spencer.
From RNS on Monday:
ICAP plc, the world’s premier interdealer broker and supplier of post-trade services,
Spencer sells, Icap warns and the City reacts
Ouch.
That’s the price action in Icap on Friday morning after the inter-dealer broker warned on profits.
Icap now expects underlying pretax profits for the year to March 2010 to come in between £295-£315m.
Icap’s Spencer sells Numis stake
Michael Spencer, founder of inter-dealer broker Icap and Conservative party co-treasurer, has sold his stake in Numis, which was part of a package of shares pledged against loans to his private company,
Of Tories and collateralized lending
First it was donor David Ross and three weeks later its treasurer Michael Spencer.
Does anyone else want to fess up?
Released on Tuesday:
The Board of Numis announces that it has received the following,
Icap founder launches Africa fund
Michael Spencer, founder of inter-dealer broker Icap, is ploughing tens of millions of dollars into a new hedge fund to profit from frontier markets in Africa and the Middle East amid a rush of money into the region.
Icap signals ambition in equities with triple Citi hire
Is Icap manoeuvring to take on the biggest equities houses at their own game?
FT Alphaville understands that Glenn Poulter, the head of Citi’s European cash equities business, is moving to the interdealer broker to spearhead its expansion into equities.
Icap says potential targets ‘overpriced’
Icap, the world’s largest interdealer broker, on Thursday said that most of its possible acquisition targets were overpriced and all but ruled out returning cash to shareholders despite having £300m at its disposal.
Icap chief attacks ‘monopolistic’ exchanges
Europe’s stock exchanges have taken “outrageous” advantage of their monopoly pricing power in recent years and are certain to see it challenged as competition in share trading emerges, said Michael Spencer,
Icap sails into shipping broker buy
Michael Spencer’s Icap bonds and derivatives dealer has bought JE Hyde, the ship broker, for an undisclosed sum in a move that cements its position in the rapidly growing freight derivatives business,
The revenge of the barrow boys
For all the talk – and the substance – about London’s rise as a global financial centre, the investment banks and brokers that dominate London are foreign, notes the FT’s John Gapper in his column,
City brokers revive old feud
A ceasefire between two of the City’s biggest hitters has ended after Terry Smith’s Tullett Prebon attempted to poach an inter-dealer broker from rival Michael Spencer’s ICAP, reports the Daily Telegraph.
$1,000bn day for Icap
Icap recorded volumes on its electronic platform of more than $1,000bn a day twice last week – 60 per cent higher than normal – as dealers in more than 40 countries made the most of global market volatility.