ICAP expands Financial Futures and Options team with new hires and opens office in Dubai

London, New York, Dubai, May 2, 2012

ICAP, the world’s leading interdealer broker, announces that it has expanded its Financial Futures and Options team with the appointment of two new hires and the opening of an office in Dubai.

ICAP’s move into Dubai is a significant step in fulfilling its strategic objective of becoming the global premier futures execution broker. Based in the Dubai International Financial Centre, ICAP Securities Ltd (ISL) is regulated by the Dubai Financial Services Authority (DFSA). With the rapidly expanding economy in the Gulf region, ICAP considers it essential to have a strong presence in the Middle East, complementing its presence to the East and West of the region.

The Dubai office will initially have four employees and the team will be led by Sharaz Hussain, Senior Executive Officer, ISL, Dubai. Sharaz will report to Gary Pettit, Global Head of Financial Futures and Options at ICAP in London and the board of ISL.

ICAP has also appointed Michael Drennan as Head of North America Future and Options, based in Chicago. He joins from MF Global and has more than 20 years global markets experience in Hong Kong, Singapore and London. 

Gary Pettit, ICAP’s Global Head of Financial Futures and Options said: “We have been expanding our global capability since I joined ICAP last December. Having a global futures and options presence across Europe, Asia and America, it now makes strategic sense to extend our execution brokerage to the Middle East.”

ICAP’s global Financial Futures and Options business offers brokerage, market commentary and post trade services with dedicated exchange-traded derivatives brokers in London, New York, Chicago, Singapore, Sydney, Wellington and now Dubai.

Notes to Editors

Sharaz Hussain, Senior Executive Officer, ISL, Dubai

Sharaz has 20 years experience in the futures industry; his initial training was at JP Morgan in New York and then at LIFFE in London.  After five years at JP Morgan, Sharaz joined CSFB as part of its new futures division, where he spent five years, ultimately becoming a director. He then joined Man Financial, to coincide with the increase in the hedge fund business.  Man Financial / MF Global was the number 1 ranked institution in futures and options globally.

Michael Drennan, Head of North America Futures and Options

Michael Drennan has over 20 years global markets experience in Hong Kong, Singapore and London.  During that time he has held senior management positions; Head of Sales Asia (all products) MF Global, Global Head of Hedge Fund Sales at Standard Chartered and Head of Hedge Fund sales at Credit Agricole in Asia.  Michael has also worked for Citigroup and Bank of America.


Brigitte Trafford Director of Corporate Affairs +44 (0) 20 7050 7103
Alex Dee Head of Investor Relations +44 (0) 20 7050 7123
Charlotte Walsh Corporate Communications +44 (0) 20 7050 7124
Guy Taylor Corporate Communications +001 212 341 9759

About ICAP
ICAP is the world’s leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.