Icap revenue up as trading activity rises

first_img Tags: NULL Show Comments ▼ Icap revenue up as trading activity rises whatsapp KCS-content THE WORLD’S largest inter-dealer broker Icap expects first-half sales to come in nine per cent stronger than last year as trading activity picked up again following the financial crisis.Icap yesterday said the active high frequency markets had boosted its post trade business and electronic broking division, which in September pioneered first electronic market for trading interest rate swaps.Icap chief executive Michael Spencer said politicians and regulators “should be thrilled” by the firm’s work in setting up the new platform, which would make the market more “resilient, robust and transparent” – a key concern in the wake of the collapse of Lehman Brothers.Spencer said the firm’s current level of performance should put it on course to hit analyst expectations over the full year to March, with current pre-tax profit forecasts falling within the range of £333m to £357m. Icap posted a pre-tax profit of £333m in the previous financial year, though this year’s results will be impacted by higher borrowing costs after the group refinanced its debt at the turn of the year. Last week, Icap filed a lawsuit against 38 of its Singapore brokers and its Swiss rival Compagnie Financiere Tradition, in an attempt to stop the staff leaving the business. Spencer yesterday admitted that the situation remains uncertain, but added that its potential impact is “not currently regarded as likely to be material” to the group’s results. Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Thursday 30 September 2010 10:46 pm whatsapplast_img read more