The Executive Team
Michael Spencer was the founder of Intercapital in 1986 and became Chairman and Chief Executive of Intercapital in October 1998, following the Exco/Intercapital merger. Michael, together with IPGL and its subsidiary companies, is a substantial shareholder in the Company. He is the chairman of IPGL and is on the board of many of IPGL's investments. Michael is chairman of the GEMG.
John Nixon has management oversight and responsibility for fixed income ICAP Electronic Broking and the Americas voice broking business. Prior to his appointment to the board in 2008, John had served from 1998 to 2002 as a non-executive director and from 2003 to 2008 as a member of the GEMG responsible for strategic acquisitions. John has extensive experience in the interdealer broking industry. He was previously the Chief Executive Officer of Tullett and Tokyo Forex, now part of Tullett Prebon, where he worked from 1978 to 1997 in Toronto, London and New York.
Iain Torrens joined ICAP in 2006 as group treasurer, became group financial controller in 2008 and Group Finance Director in 2010. Before joining ICAP, Iain worked in a number of senior financial roles for CP Ships Limited and Cookson Group plc. Iain is chairman of the GRACC and a member of the GOC. He is a Chartered Accountant, Corporate Treasurer and a Chartered Secretary.
Mark Beeston is responsible for post trade risk and information business. Prior to joining ICAP in December 2009, he spent four years as President of T-Zero (now ICE Link). Before this he spent 13 years at Deutsche Bank where, among other roles, he served as Chief Operating Officer for Global Credit Trading, Chief Operating Officer for OTC Derivatives and global head of Money Market Derivatives trading. Mark represented Deutsche Bank at board level across numerous industry companies and associations including ISDA, Markit, OTCDerivNet and DTCC DerivServ.
David Casterton is Chief Executive Officer of Global Broking. Since June 2008 David has been responsible for all voice broking and related support functions in London and EMEA. Between 1995 and 2008, David worked in a number of senior broking roles and had responsibility for interest rate derivatives, money markets, repos, government bonds and financial futures. Prior to joining ICAP in 1995 he was with MW Marshalls and Guy Butler International.
Since September 2010 Hugh Gallagher has been responsible for voice broking, technology and support functions throughout Asia Pacific. Hugh was appointed to the GEMG in January 2012. He has held several senior positions within ICAP since joining in 1988, including Chief Executive Officer ICAP Australia. Prior to joining ICAP, Hugh worked for Citibank and Lloyds in FX and money markets. Hugh has more than 25 years' experience working in OTC markets in the Asia Pacific region.
Seth Johnson joined ICAP’s electronic markets in November 2011 to lead the expansion of its product portfolio. In this role he is the co-head of BrokerTec, ICAP’s Fixed Income electronic trading platform and the CEO of the ICAP Securities & Derivatives Exchange (ISDX). Seth joined ICAP as a graduate trainee and has worked at the company for more than 20 years. For ten years he was the Managing Director of the Interest Rates Options and Inflation Swaps desks. He oversaw the introduction of new and innovative trading solutions including the volume match system currently used by ICAP Inflation and Options desks in London.
Gil Mandelzis co-founded Traiana in April 2000 and, on his appointment as Chief Executive Officer of EBS in March 2012, was appointed Executive Chairman of Traiana. Gil led Traiana's growth from a small start-up to a recognised global leader in post trade services resulting in Traiana's acquisition by ICAP in 2007. Gil was appointed to the New York Federal Reserve's Foreign Exchange Committee in 2012.
Douglas Rhoten is Chairman of ICAP Americas, and is responsible for ICAP's voice broking, technology and support functions in the US and Latin America, including ICAP's operations in Brazil. He is also a director of SIF ICAP SA de CV, ICAP's joint venture in Latin America. Doug was a founding member of The Green Exchange and a former member of the US Federal Reserve Bank Foreign Exchange Committee.
Duncan Wales has been responsible for the global legal function since December 2008. He has occupied a number of senior roles within the legal and compliance departments at ICAP, including director of government affairs. Prior to its acquisition by ICAP in 2003, he was director of legal affairs at BrokerTec. As well as having experience in investment banks, Duncan spent five years at Clifford Chance as a derivatives and OTC markets specialist. He is a member of the GOC and the GRACC. He is a member of the GC 100 Group and the Council of the Wholesale Markets Brokers' Association.