Following the acquisition, it is expected that all the firm's senior management and staff including its co-founders, Davies and chairman John Booth, will remain with the business within the Icap Group. In 2007, Link posted revenue of GBP81m (up 68 per cent from 2006) and pre-tax profit of GBP22m. The aggregate of the initial consideration and the deferred consideration is capped at GBP250m. Icap also will pay deferred consideration equal to 25 per cent of nine times the profit after tax of the Link group for the year ending Maafter it has been amalgamated with certain complementary Icap businesses.
ICAP BROKER PLUS
Icap will pay an initial consideration of GBP135m plus the amount, up to GBP30m, by which Link's net assets exceed its regulatory capital requirement. Icap has agreed to acquire 100 per cent of the share capital of Link from its shareholders, all of whom are directors or employees of Link. We firmly believe that this combination will be good for our customers and both organisations.'
We plan to combine Link's strengths in index and single stock derivatives with the majority of Icap's existing equity derivatives business outside the US and do not expect there to be any significant overlap. 'Our strategy is completely consistent with Icap's and our cultures are complementary. In these markets, where risk can be complex and non-standard, our ability to understand and relay financial information in an efficient and knowledgeable way, greatly adds to the liquidity available to our clients. Link chief executive Charlie Davies says: 'Since its launch in 1997, Link has established itself as the pre-eminent broker in equity derivatives globally.
This is an important further step in building our overall capability in the equity markets.'
'The market has expanded hugely during the past five to seven years as a result of the search for yield, the demand for absolute returns and the emergence of volatility as a traded asset class in its own right. Equity derivatives are one of the focus areas for our voice business, which we have identified as having faster structural growth opportunities. 'Our strategy is to grow Icap's business both organically and by selected acquisition. From its three offices in London, New York and Hong Kong it services more than 500 customers. 'The company enjoys a very strong market position as a global equity derivatives broker with 136 staff covering Europe, the Americas and Asia. 'We are very pleased to have reached agreement to acquire Link,' says Icap group chief executive Michael Spencer. Therefore, Zodia aims to bridge the banking sector with the technology sector by providing bitcoin custody solutions for institutional investors.Leading interdealer broker Icap has agreed to acquire, through its wholly-owned subsidiary Intercapital, Link Asset and Securities Company, a specialist global equity derivatives broker for a consideration that may eventually total as much as GBP250m. The final participant in the platform, Zodia Custody, was born from a partnership formed in December between Northern Trust and SC Ventures, a unit of international bank Standard Chartered. Securities and Exchange Commission and joined a trade group one month later to lobby policymakers for favorable Bitcoin regulation. In March, Fidelity filed for a bitcoin exchange-traded fund with the U.S. And it claims the role it plays facilitates price discovery, the flow of liquidity, execution and risk management in global markets.įidelity Digital Assets, in turn, is a subsidiary of Fidelity Investments and provides bitcoin solutions for institutional investors, including enterprise-grade custody and execution services. The firm operates in global, wholesale, over-the-counter and exchange-traded markets, matching buyers and sellers. TP ICAP is the world's biggest interdealer broker, active across financial, energy and commodities asset classes.
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