History
ICAP was formed by the merger of Garban plc and Intercapital plc in September 1999 and was previously named Garban-Intercapital plc. Exco plc acquired the wholesale broking operations of IPGL by means of a reverse take-over in October 1998 and changed its name to Intercapital plc. In November 1998, Garban was demerged from United Business Media plc.
The Garban-Intercapital merger brought together Garban's traditional strength in government and corporate bonds, interest rate products and money market instruments with Intercapital's strengths in interest rate swaps and options, commodity swaps, illiquid securities and foreign exchange options. Garban-Intercapital plc was changed to ICAP plc in July 2001.