Icap reshuffles Japan operation

Broking giant Icap has announced a shake up of its Japanese operation as it seeks to expand its government bond business and its growing derivatives business. Icap Totan Securities, 60 per cent owned by Icap, is selling its JGB business to Central Tanshi Securities. It will also take a 20 per cent stake in Central Totan Securities, a new company, which will operate JGB, and increase its stake in broker Totan Capital Markets from 28 to 40 per cent.