INTERDEALER broker Icap had its worst May for five years last month, after total electronic broking volumes fell 12 per cent, according to data released yesterday.
The company, which competes with firms such as Tullett Prebon, said average daily volume fell to $690.8bn last month from $788.1bn during the same period last year.
The month of May is a traditionally strong period for electronic volumes at the company, according to figures.
The last time volumes nudged below the $700bn mark was May 2009, when volumes fell to $569bn, according to historical Icap data.
Last month’s fall was led by a 14 per cent decline in US Treasury volumes.
Electronic broking services volumes also tanked 42 per cent but this only represents about 10 per cent of the total electronic volume Icap brokered last month.
Volumes in May were flat compared to April and also remained flat on an annualised 12-month basis, providing some comfort for the firm, led by Sir Michael Spencer
The FTSE 250 listed company, which rose 0.96 per cent in trading yesterday, said last month it was suffering from structural change in the industry, after annual revenues fell five per cent and profits declined three per cent.