ICor Brokerage readies for September launch

ICor Brokerage readies for September launch

ICor Brokerage, a prospective online B2B derivatives operation, has recruited three more seasoned financial professionals for its London office.

Michael McCorkle has been appointed director of sales, Europe. He is joined by Teresa McCarthy as a director within the account management group and by Nicholas Hoare as senior sales manager.

McCorkle reports to Thomas Binks, whose appointment as head of ICor Europe was announced in late June. Binks and his team are spearheading the development of ICor’s European presence by building its London office – which will serve the $300 trillion interbank market for derivatives – and providing sales and support for all of Europe.

Michael McCorkle, 34, was last employed at Tullett and Tokyo Forex in London as a currency options broker specialising in Japanese clients. In 1994, McCorkle established and operated Brooks Trading Company, a Chicago-based export and consulting company for Japanese corporations active in US goods and mail order products. He began professional life with Hatori-Marshall in Tokyo, where he worked as a currency options broker for five years. He graduated in 1989 from the University of Texas with a BA in International Business, with a concentration in Japanese language.

Teresa McCarthy, 35, joins ICor from Liffe (London International Financial Futures and Options Exchange) where she was a senior account manager and equities specialist within the business development division. Earlier, she spent over eight years at Lehman Brothers, initially on Japanese equities and index arbitrage, moving to become a sales trader on the European equity derivatives desk.

Nicholas Hoare, 36, joins ICor from Eurobrokers International where he was a director. At Eurobrokers and earlier at Intercapital and Butler Harlow Ueda, he specialised in broking interest rate swaps and forward rate agreements.

With financing in place and build-out near completion, ICor Brokerage will launch a limited release prototype in September, with a phased launch of foreign exchange, interest rate derivative and equity derivative products through to year-end.

ICor Brokerage intends to establish itself as a global, full-service, business-to-business online electronic broker for sophisticated financial products. It claims a 'unique technology' developed with IBM which will offer bank and investment bank dealers greater liquidity at lower cost, using an IXNet private network for fast, secure delivery. It is also planning to offer automated links to middle and back office next year. As of end July 2000, ICor had established a 29 strong professional management team and offices in New York, London and Tokyo.

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