Icap has lost its second consecutive senior electronic trader, this time to rival inter-dealer broker BGC.
Sale of voice broking business to Tullett Prebon is now subject to level 2 investigation by regulators.
Sale will see Tullett take control of ICAP brand with new electronic and post trade business to be branded NEX Group.
The long-awaited transaction is set to be completed later this year.
A shareholder vote will held be later this month to approve the Tullett Prebon acquisition of ICAP’s voice broking business.
ICAP reports revenues are down 5% as CEO Michael Spencer says the deal with Tullett Prebon is on track for completion this year.
The review will focus on the governance and shareholding arrangements of the deal.
After more than two years, interdealer broker ICAP is set to launch its new electronic broking platform.
Incoming rules on electronic swaps trading have yet to persuade institutional investors.