ICAP’s COO Ken Pigaga to Step Down Post-Tullett Prebon Merger

Inter-dealer broker ICAP has issued an announcement highlighting that the company’s Chief Operating Officer Ken Pigaga will not be remaining with the firm after the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term with Tullett Prebon is completed.

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The company will be shortly making an announcement about the new person to head operations at the conclusion of the mega-deal. According to the estimates made by the company, the merger agreement is still expected to conclude before the end of 2016.

Ken Pigaga has been working at ICAP since 2006, when he joined as COO of ICAP Americas. He was then promoted to the group's COO in November 2013. He led the development of the company's US-based swap Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term facility (SEF) as well as implementing a program on the use of technology to implement efficiency and control.

Before joining the inter-dealer brokerage, he worked as a managing director at JPMorgan. Between 1991 to 2001 he held several roles at Goldman Sachs which were focused on emerging markets trading, portfolio structuring and e-commerce.

Last November ICAP agreed to the sale of its global broking business to Tullett Prebon. The deal was worth an estimated £1.1 billion in shares. With over 1,500 phone brokers switching sides in the mega-deal, the companies have recently received regulatory approval for its conclusion.

The last hurdle for the agreement was ICAP’s oil trading desk, which had to be sold off in order to gain the blessing from the UK Competition and Markets Authority. Tullett Prebon has agreed to a sale of the oil trading desk to avoid having a dominant market position in the voice broking business in oil trading.

According to a statement by ICAP’s CEO John Phizackerley, the management team for the new combined Tullet Prebon ICAP unit will come from the ranks of both firms.