24th Oct 2013 09:22
LONDON (Alliance News) - Interdealer broker ICAP PLC (IAP.LN) said Thursday it has appointed Laurent Paulhac as head of its US swaps execution business and its global swaps strategy, reporting direct to ICP Chief Executive Michael Spencer.
Paulhac, who joins from CME Group, will be based in New York and be responsible for the company's global swaps execution initiative, the platform's response to new regulation, and ICAP's alliances and partnerships with exchanges and clearing houses. He'll also manage i-Swap, ICAP's electronic trading platform for over-the-counter interest rate derivatives.
ICAP got clearance from the US regulator just last month to be a swaps execution facility, after setting up a trading platform for swaps to satisfy demands from regulators that trading in such instruments is done on a regulated platform rather than over the phone between banks.
At CME, Paulhac was head of the exchange's interest rate and over-the-counter products and services.
"As the market adapts to new regulatory requirements, SEFs will become a significant component of the wholesale financial market infrastructure. As a market leader in both electronic and voice broking ICAP is well positioned to benefit from these changes," Paulhac said in a statement.
ICAP shares were up 0.2% at 383.90 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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