Icap loses futures head

20 Jun 2005

Global interbroker dealer giant Icap has lost its global head of futures, Humphrey Percy, who has decided to switch focus to his electronic FX business, SGM FX.

A spokesperson for the firm told FO Week that Percy was due to...

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.