JAMES HAMILTON | NUMIS SECURITIES
"The movement to a rising interest rate environment will stimulate trade directly in interest rates, bonds and FX – which will positively impact most of Icap’s product lines. This, coupled with anticipated revenue share gains by the higher margin electronic division, is driving our forecasts."
VIVEK RAJA | PANMURE GORDON
"The business is definitely going in the right direction in terms of diversity, and it is well positioned for the most likely structural reform outcomes – namely the IT update of the market and an increased focus on risk management, which will boost Icap’s post trade business."
NIC CLARKE | CHARLES STANLEY
"The good news is that full-year forecasts for Icap are on target. However, earnings remain volatile, the regulatory environment is uncertain, credit markets have ended the period quieter and Icap’s equity derivatives businesses have been adversely affected by investors’ lower risk appetite."