ICAP TAPS MF GLOBAL TEAM TO LAUNCH AUSSIE COMMODITIES
- By Luke Jeffs
LONDON, Feb 6 (Reuters) - British broker ICAP has hired a three-strong team of brokers from defunct trading firm MF Global to tap growing demand for agricultural products and soft commodities in Australia, a market with significant growth potential.
ICAP, the largest broker in the over-the-counter markets, said on Monday the recruitment of the team led by Gary Booth marked its first foray into these products in Australia, where it already has 300 staff.
The London-based broker said while it already traded agricultural products, such as cotton, milk and corn, in North America, Brazil and Europe, the latest hires underlined its commitment to Asia, a growth area for the group.
ICAP, which matches buyers and sellers of bonds, currency and swaps, hired some 30 financial futures and options brokers from MF Global in November, weeks after the company went bust.
MF Global, a futures broker, filed for bankruptcy on Oct. 31 after revealing it had made a bad $6.3 billion bet on European sovereign debt.
