Interdealer broker ICAP, is undergoing a period of dramatic restructuring across its financial futures division, embarking on a cost cutting mission that will see its desk head, Gary Pettit part ways with the broker.
The financial industry as a whole has felt the bitter pinch of waning volumes and revenues during various stages of 2014, with ICAP being no exception. Roughly one week ago, the broker also lost its Group Finance Director, Iain Torrens.
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Mr. Pettit has been the Global Head of Financial Futures and Options at ICAP since December 2011. Prior to joining ICAP, he worked in a similar role at MF Global for over 12 years, along with other senior futures roles.