Between 1983 and 1986, Michael Spencer was a director at money broker Charles Fulton, until his involvement in the new interest rate swaps market led him to set up Intercapital in May 1986. As a specialist financial derivatives broking firm, Intercapital grew from the original four people to over three hundred world-wide, with offices in London, New York, Sydney, Singapore and a joint venture in Tokyo.

In October 1998 Intercapital merged with EXCO plc, a listed money broker, and formed Intercapital plc. Michael Spencer became Chairman and Chief Executive. The following year Intercapital plc merged again, this time with Garban plc to form ICAP plc, which is one of the UK’s 130 largest quoted companies. It is listed on the London Stock Exchange and is a FTSE 250 company with a market capitalisation of circa £1.5bn (US$2.3bn)

ICAP is the world’s largest interdealer broker and following the recent acquisition of the BrokerTec fixed income securities businesses is one of the world’s leading electronic brokers of fixed income securities with a daily average transaction volume in excess of $500 billion, 40% of which is electronic. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives. The company employs 2,800 staff in 21 offices globally.

Michael Spencer is also Chairman of the Intercapital Private Group Ltd, a private company which owns leading financial spread betting bookmaker, City Index and various other interests. In June 2003 Michael Spencer became Chairman of Numis Corporation plc, of a rapidly growing investment banking and institutional stockbroking business whose shares are quoted on the Alternative Investment Market of the London Stock Exchange.

Married with two sons and a daughter, Michael lives in London and Suffolk. He is 50. His interests include running, riding, wine, art, politics and political history.

See also: 5.30 pm ‘Financial Markets in Tomorrow’s World’ – a discussion