<strong>JUSTIN BATES </strong>DANIEL STEWART<br />&ldquo;We had been concerned about falling volumes, particularly in the electronic business. However, the statement illustrates the inherent earnings power in ICAP&rsquo;s diversified model. For electronic volumes to be down 28 per cent year on year, but revenues to be up six per cent is testament to the strength of the business.&rdquo;<br /><br /><strong>NITIN ARORA </strong>NOBLE<br />&ldquo;With overall revenues increasing and e-broking volumes muted, there are no surprises in the trading statement. Given a small pre-tax profit miss in the first half, we are likely to reduce our full year pre-tax profit estimates by about two per cent. ICAP deserves to trade at a premium to rival inter-dealer broker Tullett.&rdquo;<br /><strong><br />NIC CLARKE </strong>CHARLES STANLEY<br />&ldquo;There is likely to be pressure on margins due to the increase in voice broking&rsquo;s portion of the business. However, there are likely to be further efficiencies to come and high levels of recent investment should have a positive impact on revenues. With the group strongly cash generative our recommendation remains &ldquo;accumulate&rdquo;.&rdquo;