Sharaz Hussain will head new Dubai office.

Leading electronic broker ICAP announced today the opening of a Dubai office consisting initially of four employees, which will be headed by ex-Man Financial / MF Global executive Sharaz Hussain.

ICAP also announced that former MF Global's Head of Asia Sales Asia, Michael Drennan, had been hired to be Head of North America Future and Options, based in Chicago.

The hires follow several months of management turnover at ICAP, which recently parted ways with its head of electronic brokering David Rutter, breaking that business into two parts, and promoting ex-Traiana founder Gil Mandelzis to head its important but struggling FX ECN business ICAP EBS.