ICAP enters Dubai with four-person office

ICAP, the world’s largest interdealer broker, has hired a MF Global employee to kick-starts its new Dubai operation.

In total, four people will staff the new office, which obviously isn’t a significant team, but it’s a new focus for the firm as it looks to tap into increasing demand for derivative products from large Middle Eastern sovereign wealth funds and institutions. Its rivals BGC and GFI also have representative offices in the DIFC.

ICAP’s new office will be led by Sharaz Hussain, who was most recently at MF Global – the financial derivatives broker that filed for bankruptcy in October last year – but has also worked for J.P. Morgan and LIFFE in London.

The remaining three employees were not named, and ICAP hasn’t mentioned any further plans to expand.

“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,” said Gary Petit, ICAP’s head of financial futures and options.