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EXCO MERGES WITH INTERCAPITAL

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Money broking firm Exco this week merged officially with Intercapital. The move had been trailed for some time, but...
Money broking firm Exco this week merged officially with Intercapital. The move had been trailed for some time, but was not formalised until Monday. The new company will trade as Intercapital.

Exco is viewed as a more traditional money broking house, dealing with councils and other players in the sterling market, while Intercapital specialises in derivatives such as interest rate swap deals.

Intercapital chairman Michael Spencer, who will be chairman and chief executive of the enlarged group, said: 'The strengths of Exco and Intercapital in growing markets and the technological depth at Intercapital will give the enlarged group a competitive advantage and position it well to take advantage of future opportunities.'

The deal is further evidence of a shrinking broking market. Earlier this month MW Marshall and Prebon Yamane announced their intention to merge (LGC, 16 October).
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