ICAP has expanded its base metals broking business and opened a New York sales desk with the hire of Marc Carozza. He previously worked for Bear Stearns and Calyon Financial.

ICAP began broking London Metal Exchange base metals in January 2009, with a Category Two membership of the LME.

Robert Rees, managing director, Global Base Metals, said: "We are focused on extending our global reach in base metals and building on the successes of our London based business."