British broker Icap acquires India's CTI Shipbrokers

British broker ICAP Plc., which has applied to Securities and Exchange Board of India to start a bond trading platform, has said its subsidiary  ICAP Shipping has acquired shares with a gross asset value of $ 2.5 million in India's CTI Shipbrokers.

 

ICAP is one of the world's largest voice and electronic interdealer broker and provider of post trade risk and information services.

 

The shares were acquired from Jaideep Kapoor and Tradex Chartering & Trading Private Ltd. and CTI India will now be 100 per cent owned ICAP company.

CTI India's core business is in dry, tanker and sale and purchase broking and the acquisition will provide ICAP Shipping with a subsidiary in India that has offices in in New Delhi and Mumbai employing 28 people.

In May 2007, after a joint venture in freight derivatives, ICAP acquired J E Hyde, one of London's oldest shipbrokers. This was followed by the acquisition of Capital Shipbrokers in 2008 and the formation of ICAP Shipping.

ICAP Shipping’s Freight Derivatives desk combines financial brokerage experience with insight into freight derivative procurement and marketing.

The Group is active in the wholesale markets in interest rates, credit, commodities, FX, emerging markets, equities and equity derivatives global network covering more than 32 countries.