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Icap buys Trioptima

Friday, February 5, 2010

Interdealer broker Icap has announced it is buying the 70% of software provider Trioptima that it does not already own. The broker is making an initial payment of €109 million in cash for the firm, which helps dealers net down their over-the-counter derivatives including credit default swaps.

Icap bought its minority stake in Trioptima in 2002, just two years after the company was founded. It says that co-founder and chief executive Brian Meese will continue to run the business.