Icap trading buoyed by commodities

City A.M. Reporter
ICAP, the world's largest interdealer broker, said it was trading in line with market expectations, with a strong performance at its commodities and energy arm helping offset tougher conditions on its credit markets side.

"ICAP is on track for a robust performance for the year despite the demanding economic environment," chief executive Michael Spencer said in a statement.

"We continue to focus on our operational efficiency. In the last three months we have seen an improvement in risk appetite in some markets. We expect to see a slow move towards more normalised markets as the year progresses," he added.

ICAP had said in February it expected profits for the year through March 2012 to be towards the upper end of an analyst forecast range of between £336m and £358m.