A New British Invasion: Brokers, Not Beatles

The British are coming! The British are coming! (Again.)

The British Royal Air Force aerobatic team, supported by ICAP, the British brokerage firm, will soar over New York City on Wednesday evening--an aerial display that will mark the first visit to the Big Apple by the nine-pilot team known as the Red Arrows.

"This appearance helps further the RAF and ICAP's shared goal of fostering continued goodwill between the U.S. and United Kingdom," said Wing Commander Jas Hawker. "We've always wanted to perform in New York City, and we're very happy to see this historic event happen."

The flyover, however, is unlikely to trigger warm and fuzzy goodwill between ICAP and their U.S.-based archrival Cantor Fitzgerald, which is likely to view the flyover as an invasion.

Cantor took legal action against ICAP in 2002, accusing the Brits of poaching a few of its former brokers. In a split ruling, a British High Court judge said that ICAP did not encourage two former employees from Cantor's London office to breach their contracts and join ICAP illegally.

The judge, though, did side with Cantor when he supported the firm's accusation that ICAP illegally convinced an employee to switch allegiances after Cantor lost hundreds of workers in the 9/11 terrorist attacks on the World Trade Center.

Previously, the High Court ruled in 1997 that Cantor tried to poach 11 ICAP brokers and ordered it to pay over $1 million pounds in fines.

by Alfonso Serrano F.