Michael Spencer, Chief Executive of ICAP said, "There is ongoing and rapid convergence between the exchange traded and over-the-counter (OTC) markets and significant trading opportunities exist between these closely related markets. Leveraging off ICAP's strengths in the OTC markets, in which we transact significant volumes across a very broad range of products, we aim to become one of the small number of truly global futures execution businesses within two years."

"Humphrey Percy's considerable experience will speed up the expansion of our existing small futures business into a global operation. Our concept will focus on the cross marketing of futures with OTC products and identifying relative value strategies. This will significantly expand our customer base, both vertically and horizontally."

Commenting on the initiative, Humphrey Percy said, "We plan to expand ICAP's market and product coverage, especially in North America, as clients seek a wider range of markets through a smaller number of access points. The electronic BrokerTec platform - currently transacting some $250bn of transactions daily - will be at the core of our electronic proposition. Furthermore, as a part of this initiative we expect to offer a global futures clearing service through a single entity and to significantly expand our exchange traded interest rate options capability."