Michael Spencer cashes in on ICAP shares, launches equities algo trading platform

Tory party treasurer Michael Spencer and a company controlled by his family trust banked more than £45m after selling shares in his City brokerage ICAP.

ICAP is the world’s premier voice and electronic interdealer broker and provider of post-trade services. The Group is active in the wholesale markets in interest rates, credit, commodities, FX, emerging markets, equities and equity derivatives. ICAP has an average daily transaction volume in excess of $2.3 trillion, more than 40% of which is electronic.

Spencer cashed in more than 3.3m shares in ICAP giving him a handsome £14.5m. And a subsidiary of his investment company IPGL, which holds his interests in spread betting firm City Index and broking company Exotix, sold a further 7m shares in ICAP at 440p to make a total of £30.8m.

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And although not very Forex related, this is still interesting: Icap Equities has launched its algorithmic Trading Platform Icap ALX.