Chief Executive of ICAP, Michael Spencer, said âvolatility in interest rates, foreign exchange and credit markets ensured that both electronic and voice broking volumes increased in June. In recent weeks the equity markets have responded negatively to the turbulence in the broader financial markets which in turn have boosted ICAPâs broking volumes and revenues.
U.S Treasury products saw particularly strong trading with an average daily volume of $168 billion traded in June. Increased activity in the global FX markets also pushed average daily volumes on ICAPâs spot foreign exchange platform EBS to $167 billion during the month.
In addition, voice broking activity in both single name credit default swap (CDS) and index products also increased to its highest level since March 2007. ICAP saw strong trading across most CDS product categories with volumes far in excess of previous months in Loan CDS trading.â