ICAP revenue falls as market activity slows

 
Guy Bentley
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UK broker ICAP has announced a fall in revenue for February and March of 14 per cent.

Despite the fall in revenue the company believes it will achieve results in line with market expectations, which range from £266m to £280m. The consensus is £273m.

ICAP saw declines in overall trading activity levels in the Global Broking division, reflecting a slowdown in some financial markets and customer activity.

However, the electronic markets division benefitted from "continued volatility around the tapering debate in the US."Investment in new products and increased demand helped to increase revenue in the Post Trade division.

ICAP expects to announce preliminary results for the year ending 31 March 2014.