ICAP Called ‘Spider’ in Cum-Ex Web by German Authorities (1)

A TP ICAP Plc unit is accused of being “a spider in the web” of controversial Cum-Ex trading by German prosecutors, who have targeted it with search warrants and multiple investigations.

Prosecutors in Cologne and Frankfurt obtained new orders allowing them to seize documents earlier this year, as part of proceedings against the unit and its employees, according to a court document filed by the firm.

TP ICAP emerged as the world’s biggest inter-dealer broker after Tullett Prebon bought the voice-broking business of arch-rival ICAP from city grandee Michael Spencer in December 2016. The deal more than doubled its revenue, ...