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ICAP to expand OTC oil broking activities

Tuesday 16th February 2010

By Mike Jones

Interdealer broker ICAP has announced new activities in OTC crude oil.

Nour Beyhum, previously head of crude oil and options at ICAP Energy will, subject to the receipt of relevant regulatory approvals, develop a new OTC crude oil and refined products broking business based in London. This business will be operated by ICAP Securities Limited under the trading name "United Energy".

At ICAP Energy, Joe Hutchinson and Jonathan Mylne will head all of ICAP Energy's oils activities, reporting to Paul Newman, Managing Director. Previously Hutchinson and Mylne co-headed the Oils Products area at ICAP Energy.

The United Energy activities that will now be developed under ICAP Securities by Beyhum and his experienced team, will continue to report to Dennis Crum, CEO of ICAP United in North America.

The two businesses to be operated by ICAP Energy Limited and ICAP Securities Limited respectively will continue to operate completely separately, with distinct, ring fenced premises, infrastructure and personnel.

"This move is led by the fact that parts of the OTC and the Listed oils markets are converging, and ICAP United, in North America is now looking to build a greater OTC presence in the areas which complement their existing strengths in the futures markets by developing a strategic relationship with ICAP Securities Limited here in London," Newman said.

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