IAP.L Share Price (IAP)

The CMA is only really concerned about the oil products business which ICAP and Tullet dominate. It's good business but not mainstream for either firm and if they have to I imagine they'll spin one if those out to a third party. The oil business is also a concern as it's contracted over the last 2-3 years but shows signs of rebuilding now. I don't expect CMA to block this merger but they may make it conditional. More concerning is the monthly volume numbers published by ICAP which are not moving upwards yet. I hope their cost-cutting is doing better! I'm still a long term holder of ICAP though. Bring on the merger and let's get a new business model going!

Fly-past of the wingmen: Andrew Findlay is moving from Halfords to EasyJet to fill the gap created when Chris Kennedy leaves for Arm, after Tim Score retires. Stuart Bridges is quitting Hiscox for ICAP because Iain Torrens joined TalkTalk when Steve Makin stepped down. None of the moves involves a numbers ninja becoming a Chief Executive. Ambitious finance Directors may frown at this. In the eyes of many in the City, their breed occupies a position on boards second only to the big Boss. Typically, the CEO and FD are a double act at presentations. The stats brain answers tricky numerical questions but avoids butting in when the Chief is expounding on strategy. The current outbreak of do-si-dos suggests a different theme is playing, with finance Directors as career wingmen. Their specialism is more transferable than operations management, allowing established names to skip between sectors. That reflects risk aversion among boards, according to Mark Freebairn of recruiter Odgers Berndtson. The criticism may apply to FDs too. Those round pegs may never win plaudits as inspirational leaders, but they are less likely to be fired by the board too

Is it fair value or a reassurance for share holders? Long term holder of this share.With recent downturn looking to top up. If it gets close to 350 might be tempted just for the div.

Rise of the robotrader: ICAP, the interdealer broker has been burnt more than once by the bad behaviour of some of its human traders. Just look at the fine it paid for manipulating Libor. No wonder its Founder and Chairman Michael Spencer is turning to robotraders to replace the flesh and blood armies that once animated trading rooms. Over the past five years the number of human brokers at ICAP has halved to fewer than 2,000. Nevertheless robots are no panacea. If automated systems are not policed well enough there is the chance that some clever rival robotrader might exploit trading patterns, just as with humans. Failures here can lead to reputational risk as Barclays discovered to its cost. And while robots may not want bonuses, technology requires constant investment. ICAP had to spend £29 million in the first half alone. Finally, an interdealer broker’s value lies in personal networks. Strip clubs aside, traders are good at bringing in new business. Such bonds could be harder to break than those between robot and client.

I agree BUT what do you think if the gaps it has made over the last few days ? You reckon it fills them before moving up ? Also what about the CFTC investigation into rate rigging , rumours were flying around that the fines could be huge based on the fine issued exactly 12 months ago for Yen libor rigging ?