Interdealer broker ICAP is winding down its credit hybrids process, Risk.net reports. Bill Mertens, head of credit hybrids at the company, has resigned as a result of the move.

Broker Kregg White has also left following the closure. The credit hybrids business intermediated trades in quanto credit default swaps (CDSs) and contingent CDSs.

Click here for the story from Risk.net.