ICAP has signed a contract to acquire BrokerTec's businesses for up to 181 pound sterling. The transaction will combine a leading voice broker, ICAP, with BrokerTec, a leading electronic inter-dealer broker of fixed-income securities. BrokerTec's electronic-trading platform handles average daily transactions in excess of $160 billion. The acquisition will be completed by the issue of 11.9 million new ordinary shares in ICAP and up to an additional 6.7 million new ordinary shares. The final number will be dependent upon the revenues earned by the acquired business and ETC, ICAP's existing electronic-trading platform. At the market close on Jan 15, the initial payment was valued at $185.9 million (116 million pound sterling) with deferred consideration valued at up to $104.6 million (65.2 million pound sterling). In the nine-months ending Sept. 30, 2002, BrokerTec's businesses had revenue totaling $73 million from electronic- broking and market-data sales and generated a normalized profit of $14.9 million.
Barclays Capital headquarters in North America opened one of the largest trading floors in New York City, installing 280 IQMX trading desktops from IPC Information Systems, it was announced on January 13. The IQ MX trading platform utilizes voice-over-Internet Protocol (VoiP) to deliver voice, video and data through a single path to the trader's desktop. IPC also equipped Barclays with an eight to sixteen channel hoot and holler network. Construction of the trading floor took two years to build. Barclays opened the trading floor Oct. 1, 2002.
OM-- a global provider of transaction technology to the financial-services and energy industries--hired two new senior level executives to lead sales and marketing efforts for North American financial markets. Curt Brill joined as senior vice president, sales and marketing, Americas, covering financial markets. Brill was most recently at Reuters responsible for transactions products management. Wayne Arden was named vice president of sales, exchange & clearing services, for the Americas. Arden has held a variety of sales, marketing and business development positions with IBM as well as executive level sales and marketing positions most recently with EFA Software and previously with Kingland Systems.