Incapital
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1999 |
| Founder | Thomas S. Ricketts |
| Headquarters | Chicago , United States |
Area served | United States |
Key people | Thomas S. Ricketts (Chairman and Executive Chairman) |
| Products | Origination, underwriting, and distribution of fixed-income and market-linked securities |
Number of employees | 150 |
Incapital LLC operates as a financial services company in the United States, focusing on the origination, underwriting, and distribution of fixed-income and market-linked securities. It serves both retail and institutional investors through a broad network exceeding 800 broker-dealers, banks, and wealth management organizations. The company is privately owned and has its main headquarters in Chicago, with significant offices located in Boca Raton and Palm Beach County, Florida. In 2021, Incapital combined forces with San Francisco-based fintech firm 280 CapMarkets to establish the broker-dealer entity known as InspereX.
History
Established in 1999 by Chairman Thomas S. Ricketts, who also holds the position of Executive Chairman of the Chicago Cubs, Incapital was founded to grant securities firms and individual investors access to corporate bond markets.
The following year, Incapital introduced the InterNotes program—a continuous shelf offering that allows corporate and agency issuers to distribute medium-term notes in US$1,000 increments through its online platform. By 2008, this program had supported retail bond issuance exceeding US$201 billion across 41 corporate issuers and multiple federal agencies. In 2003, in collaboration with Banc of America Securities, Incapital launched Inflation-Protected InterNotes to provide retail investors with bonds that hedge against inflation. The platform's appeal extended to sovereign issuers as well; notably, in 2006, the Government of Mexico utilized InterNotes for a retail funding initiative.
Structure
Incapital is a privately owned enterprise employing approximately 150 staff members. Its corporate headquarters are situated in Chicago, Illinois, complemented by a principal office located in Boca Raton, Florida.
Educational initiatives
Beginning in 2005, Incapital has provided structured-product certification seminars aimed at financial advisors. This program was revitalized in 2014 to include interactive continuing education modules that emphasize derivatives payoffs and risk management techniques.
Awards and recognition
The trade publication Structured Products (Risk.net) has acknowledged Incapital’s strengths in technology and distribution by awarding it “U.S. Distributor of the Year” in its Americas awards for consecutive years including 2012 and 2013.
Merger and creation of InspereX
On February 18, 2021, Incapital merged with fintech company 280 CapMarkets to create InspereX, a broker-dealer focused on improving price transparency within fixed-income markets. Later that year, in November 2021, Goldman Sachs Advisor Solutions entered into an exclusive white-label partnership for InspereX’s BondNav trading platform and increased its ownership stake in the venture.