ICAP Share Discussion Threads

[volsung] 05/2/2010 11:22

dapperdon that was support last year

[plumchops] 05/2/2010 11:21

This mark down is overdone.Some large buy orders from Institutions who see long term value.

[dapper don] 05/2/2010 11:11

Why short to £2 ?

[volsung] 05/2/2010 09:50

Short on these. Back to 200p I hope.

[dapper don] 05/2/2010 08:53

Wow i never expected a drop like this ouch.
I have just bought in again at 3.08

[dapper don] 29/1/2010 15:25

Do you not think its a little overdone this fall ?

[highlands] 27/1/2010 08:49

Finally decided to add some in the mid-370's but I still feel they have further to fall.

[318jazz] 23/1/2010 14:34

Out at 438. Back in again at 385/390 early Monday with a bit of luck. Been in and out of IAP for years. Always bounces back. Been a good earner with the divs thrown in to pay for holidays. Keep the faith.

[rocketblast] 23/1/2010 12:51

i will go in big time on monday, looks like ICAP will do well..

[highlands] 22/1/2010 17:00

I still own some too and will continue trading in and out.

[dapper don] 22/1/2010 15:21

Spencer still owns 17% i think .
This looks a little overdone just for Obama proposed banking reforms .

[highlands] 22/1/2010 11:15

I wonder how far this will drop.

I took Spencer's lead and offloaded most of my holdings and am therefore sitting on a load of cash to reinvest.

[grahamburn] 13/1/2010 11:56

Highlands, note your inference, but think you're jumping to the wrong conclusion. Reckon the "revisiting" probably relates to "other asset disposals" rather than "Spencer's IPGL holdings". But will have to wait and see!

[highlands] 13/1/2010 11:48

The following bit......

"IPGL had previously planned to make other asset disposals, as part of the rebalancing of its investment portfolio, a process which it expects to revisit as liquidity & value returns to alternative asset classes."

In particular the bit "a process which it expects to revisit"

[dapper don] 13/1/2010 11:22

What makes you say this isnt the end of it (selling his stock )
plenty of takers for any stock he has sold tho.
on a P/E of 16 approx ,maybee more immediate money at tullet on a P/E of 8 approx
Im still long here buying on any big dip .
Everytime we look to breakout from 4.60/70 we have the usual quick retrace to around 4.09.
Are you saying we could now be into a period of a bigger retrace ?

[highlands] 13/1/2010 10:35

This sell by Michael Spencer and his private group does not exactly feel me with a lot of confidence and it does not look like this is the end of it either.

[highlands] 12/1/2010 09:10

RNS Number : 3659F
ICAP PLC
11 January 2010

?
ICAP plc Announcement


ICAP plc has received the following statement from IPGL Limited (IPGL).


"On 11 January 2010 IPGL's subsidiary company INCAP Finance B.V. sold 7,000,000
of the 118,069,560 ICAP plc ordinary shares it owns at a price of GBP4.40 per
share. The proceeds from this sale will be used by IPGL to continue the
reduction in leverage on its balance sheet in which it has made significant
progress during the past year. IPGL had previously planned to make other asset
disposals, as part of the rebalancing of its investment portfolio, a process
which it expects to revisit as liquidity & value returns to alternative asset
classes."

Michael Spencer, the founder and chief executive of ICAP plc, together with his
wife and family trusts, are majority shareholders of IPGL Limited.


In addition, Michael Spencer sold 3,308,248 at a price of GBP4.40 per share of
the 6,140,778 ICAP plc ordinary shares comprising his personal interests.


Following this transaction, Michael Spencer had a personal interest in 2,832,530
ICAP plc ordinary shares and through IPGL he had a further interest in
111,069,560 ordinary shares. Together these represent 17.4% of ICAP plc's share
capital."

[dapper don] 08/1/2010 17:28

Well as predicted we have hit £4.50 the next step is to try and break 4.70 this could prove harder each previous attempt has led to a retrace .
Heres hoping we can push further north.

[dapper don] 22/12/2009 14:49

jeffian
Correct this a 4 year old investigation that is now CLOSED no can of worms here like yourself i think we could move north now to around £4.50 imho

[jeffian] 20/12/2009 19:25

I think it's the closing of said can. This has been known about for years ("The SEC's investigation, which started four years ago,...")

[restassured] 20/12/2009 18:51

Or is this the opening of a can of worms?

[jeffian] 20/12/2009 17:25

It does remove an uncertainty hanging over the company though. Wonder if we'll get a bounce when the markets open tomorrow as the announcement came after close of business on Friday.

[restassured] 19/12/2009 08:27

One wonders how this man became so rich so quickly.Maybe the truth is starting to become clear about the shady and highly opaque dealings of this industry
My bet is if you were to dig a little deeper,this behaviour is rife.




Icap to pay $25m over 'fictitious' trades


Michael Spencer's Icap has agreed to pay the Securities and Exchange Commission (SEC) $25m (£15.5m) after the American regulator found that the world's biggest inter-dealer broker was displaying "fictitious" trades on its screens to "attract customer attention".

By Louise Armitstead
Published: 11:30PM GMT 18 Dec 2009

The SEC imposed the heavy fine on Icap's north America division for a series of lax controls, the most serious of which was disseminating "false trade information into the marketplace in order to attract customer attention to its screens and encourage actual trading by these customers".

As part of the settlement, the regulator demanded the suspension of five brokers for "aiding and abetting the firm's fraudulent conduct" and two senior executives for "failing reasonably to supervise the brokers". The suspensions will start immediately and last for three months.


Last night Icap said that Mr Purpora is standing down from his full-time role and will start as a consultant to the firm in the new year. Mr Murphy will be reinstated.

Lorin Reisner, deputy director of the SEC's Division of Enforcement, said: "It is essential that Icap and other inter-dealer brokers refrain from engaging in conduct that discredits their privileged position in the marketplace."

He added: "Icap engaged in deceptive practices that violated the legal and professional standards required of market participants; our action today demonstrates zero tolerance for such conduct."

The SEC's investigation, which started four years ago, found that the traders on the US Treasuries desks and its mortgage-backed securities desk were inventing so-called "flash trades" in order to kick-start trading in illiquid markets. Rather than waiting for genuine buyers and sellers to set a price and helping to facilitate the trade, the brokers entered their own bids and offers, acting as both buyer and seller.

Icap denies that it was trying to defraud clients but instead claims it was trying to help by setting a market price. However, the practice is against both SEC regulations and internal controls. It is understood that Mr Spencer, who is also treasurer of the Conservative Party, wanted to fight the allegations but decided to settle it to end the uncertainty.

The SEC added that Icap had specifically stated in marketing material that it "does not engage" in proprietary trading, or trading its own money. The regulator found the brokers were "engaged in profit-seeking proprietary trading" that rendered Icap's statements "false and misleading".

The SEC said that Icap "failed to make and keep certain required books and records" on both the offending trading desks.

In a statement last night Icap said: "Substantial enhancements to the quality of its control environment have been made by Icap over the period."

"These include greater formalisation of its broking practices, enhanced operational, risk and compliance controls, improved training and monitoring programs, revised policies and procedures."