Icap broking lift fails to translate

Michael Bow
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ER Icap yesterday reported a meek uplift in quarterly revenues despite a surge in the number of US treasury trades completed on its electronic trading platform.

The company, established in 1986 as Intercapital, said revenues at the broker were up two per cent for the period 1 April to 10 July versus last year.

The rise masked a sharp upsurge in trading volumes on its BrokerTec platform, which increased 13 per cent.

This was driven by a 51 per cent increase in the daily trading volumes of US treasuries in May and June, as talk of tapering US quantitative easing led to more trading. Foreign exchange trading volumes also rose one per cent versus the previous year.

Michael Spencer, chief executive, said: “We have made an encouraging start to our financial year.”

But shares in the company closed down 3.78 per cent at 384.9p after falling as low as 367p a share earlier in the day.