UK brokerage giant opens Dubai office

ICAP, the world's largest interdealer broker, has opened an office in Dubai with a financial futures and options team, as the British firm seeks to expand its derivatives business in the Middle East. ICAP said on Wednesday its Dubai office, which will initially have four employees, will be led by senior executive officer Sharaz Hussain, formerly of MF Global. He will report to Gary Pettit, global head of financial futures and options in London. "With the rapidly expanding economy in the Gulf region, ICAP considers it essential to have a strong presence in the Middle East, complementing its presence to the East and West of the region," the company said in a statement. ICAP has also hired Michael Drennan, who also used to work at MF Global which filed for Chapter 11 bankruptcy protection six months ago, to head its North America Future and Options team based in Chicago. The interest rates, commodities, foreign exchange and equity derivatives broker already has offices in London, New York, Chicago, Singapore, Sydney and Wellington. Large Middle Eastern sovereign funds and institutions have been using sophisticated derivative trading instruments since the global financial crisis, helping banks counter a slump in the region's traditional league-table business.