ICAP Shutters NYSE Floor Business
Traders Magazine Online News, November 15, 2012
ICAP closed its New York Stock Exchange floor trading operation Thursday. The move comes after the resignation last month of a key employee and affects about four people.
The British firm is primarily known as an interdealer broker in credit and derivatives instruments, but has built up various equities businesses in the U.S. over the years. The move was precipitated by last month’s departure of Ken Polcari, according to Bloomberg. Polcari ran the ICAP floor operation.
The Financial Times first reported the closure.
Polcari, a well-known NYSE floor broker and managing director, spent 30 years on the NYSE floor, and was a regular commentator on Bloomberg TV. He was recruited to build out ICAP’s floor business in 1998.
For more information on related topics, visit the following channels: