Electronic broking behind strong ICAP performance, CEO says

19 November 2010

Strong performances in the electronic and post trade divisions are behind ICAP seeing an increase in revenue during the third quarter of 2010, the firm’s chief executive officer (CEO) has claimed.

Statistics published by ICAP for the first six months of the year showed that group revenue increased by six per cent to reach £867 million when compared with the £794 million recorded during the same period the previous year.

Revenue for the electronic trading unit rose by almost a quarter to reach £151 million.

The post trade division also saw gains, with statistics showing its revenue rose by 30 per cent to reach £90 million during the same period.

Michael Spencer, group CEO, said: “ICAP has performed well during the six months and we have continuedto make significant progress towards our strategic goals, including the launch of the electronic euro interest rate swaps platform with market maker support.

“During a period of generally quieter markets ICAP has delivered good revenue and earnings growth driven primarily by our strong electronic broking franchise.”

Further figures from the broker revealed that the group’s operating profit margins remained at 23 per cent, the level seen during the same period in 2009.

By Jim Ottewill

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