Icap business back on track

Michael Bow
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ICAP, the world’s largest inter-dealer broker, yesterday reported a turnaround in fortunes for January, reversing torrid trading activity late last year.

The company, led by chief executive Michael Spencer, said activity had improved “across the business,” as numbers showed a 17 per cent increase in electronic broking volumes.

It comes on the back of a 13 per cent fall in revenues for the third quarter of 2012 and Spencer’s admission that last year was “one of the toughest periods in my 36-year career”.