ICAP plc (IAP.L), the world’s premier interdealer broker, has hired Robert Rees and Steve Bingley to lead the firm’s new London Metal Exchange base metals broking business. Rees and Bingley’s primary role will be to build the firm’s LME business and offer expert sales and execution services on LME products.
The new team reports to Gary Smith, Deputy CEO, ICAP London. Previously, Rees and Bingley were joint Global Heads of Base Metals at Bear Stearns.
Trading volumes on the London Metal Exchange were recently reported to have reached record levels in the first half of 2008, with 54 million lots traded on the exchange. These include aluminium, copper, nickel, lead, tin and zinc.
Gary Smith, Deputy CEO, ICAP London, said ”Base metals represent an exciting opportunity for ICAP. With this experienced team, we are well positioned to benefit from the increased importance of the base metals marketplace as global demand for resources continues to grow.”
ICAP announced on 9 May 2008 that it had been granted Category 2 membership of the London Metal Exchange. This membership gives ICAP access to the wholesale market place and enables it to execute LME contracts on behalf of clients.
