Based in New York, Laurent will be responsible for leading ICAP's global SEF initiative as well as the SEF's strategic direction with regard to new regulatory reforms and the Company's alliances and partnerships with exchanges and CCPs. Laurent will also be involved in managing i-Swap in the U.S., ICAP's award winning electronic trading platform for OTC interest rate derivatives.

Laurent joins from the CME Group where he was Senior Managing Director for Interest Rate and OTC Products and Services and was responsible for CME Group's global interest rate and OTC business strategies. Prior to CME, he served as CEO of CMA, a provider of credit derivatives market data.

Laurent Paulhac said: "This is an extremely exciting time to be joining ICAP. As the market adapts to new regulatory requirements, SEFs will become a significant component of the wholesale financial market infrastructure. As a market leader in both electronic and voice broking ICAP is well positioned to benefit from these changes. I look forward to working with Michael and the management team to serve ICAP's customers as our markets evolve." 

John Nixon, Group Executive Director, Americas and Chairman and President of the ICAP SEF, said: "Laurent brings a wealth of relevant experience developing exchange-based businesses and in asset classes that are important to ICAP. I am thrilled he is joining us at this key stage in the evolution of our SEF."

Michael Spencer said: "We're delighted to welcome Laurent to ICAP. With his knowledge and experience of the exchange and clearing arena he will be an excellent and complementary addition to our senior management team. His appointment underlines our commitment to our SEF business which will be an integral part of the new market landscape."