ICAP plc (LSE: IAP) is a UK based inter-dealer money broker, the largest in the world, carrying out transactions for financial institutions rather than private individuals. ICAP plc is headquartered in London, United Kingdom and operates from London, New York (Jersey City) and Tokyo with offices in a further 21 smaller financial centers such as Madrid and Sydney. The average daily transaction volume for ICAP plc exceeds US$1.5 trillion, more than 60% of which is electronic. ICAP is an abbreviation for Intercapital, a name by which the business was previously known. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company evolved from a merger between Garban plc and Intercapital plc which created Garban-Intercapital plc in 1999.
Intercapital plc was originally founded by Michael Spencer in 1986 as Intercapital Private Group Limited ('IPGL'); in 1998 it was acquired by Exco plc in a reverse takeover and the enlarged business was renamed Intercapital plc.
Garban plc was originally established in the 1970s as the financial services division of MAI plc. Several takeovers followed, starting in 1977 when MAI plc acquired Harlow, Meyer and Co. Mallon & Dorney and Garvin GuyButler were both acquired by 1982 and in 1983, Garban LLC was acquired giving MAI plc significant broking interests in the UK and overseas. In 1996, MAI plc was merged into United News & Media plc: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 as Garban plc.
The company changed its name from Garban-Intercapital plc to ICAP plc in 2001.