Interdealer broker ICAP has completed the restructure of its strategic interests in Japan.
ICAP Totan Securities, a 60% majority owned subsidiary of ICAP, has completed the sale of its JGB business to Central Tanshi Securities, earning the firm £1m.
ICAP and its existing partner, Totan Holdings, also acquired shares from Cental Tanshi in the newly renamed Central Totan Securities.
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Central Totan Securities now operates the expanded JGB business. ICAP holds a 20% interest in Central Totan Securities, while Totan and Cental Tanshi each hold 40%.
ICAP has also completed the acquisition of an increased share in Totan Capital Markets, an interest rates derivatives broker. ICAP now owns 40%, up from 28.14%.
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