BELEAGUERED interdealer brokers (IDB) were given a boost yesterday after analysts said easing regulatory pressures could spell a turnaround for the sector.
Brokers Icap and Tullett Prebon, the top biggest interdealer brokers in the world, rose on the FTSE earlier in trading yesterday after banking giant HSBC said new rules from a US trading watchdog would help stabilise revenues at the businesses, following recent declines.
Icap, led by City stalwart Michael Spencer, was also given a boost by electronic broking figures showing an 11 per cent year on year increase in volumes at the firm.
The company rose 1.71 per cent yesterday after a sharp spike in the price earlier in the day. Tullett Prebon, led by City veteran Terry Smith, closed the day down slightly after an early surge in its share price.