Tuesday 19 March 2019 1:42 pm

TP Icap to move staff out of the City in a no-deal Brexit as it awaits Paris approval

The world’s largest interdealer broker TP Icap has revealed plans to move staff out of the City in the event of a no-deal Brexit.

The brokerage giant said its UK desk’s ability to continue to provide business for EU clients would be under threat if Britain leaves the EU without a deal later this month.

Extra staff would be moved to its EU offices but the company maintained it saw London as a major centre for financial, energy and commodities markets for the foreseeable future.

It said the distribution of staff in the EU and UK would depend on clients’ needs and locations.

TP Icap said it was also waiting for French regulators to sign off plans for a new subsidiary in Paris, alongside its existing branches in France, Spain and Germany.

The firm’s electronic trading platform iSwap will also relocate to the Netherlands.

The broker revealed the contingency plans alongside its full-year results, which saw underlying pre-tax profit rise 5.2 per cent to £245m in 2018.

But its total pre-tax profit, including IT costs and a £65m non-cash charge on the value of its assets following a profit warning last year, dropped 14 per cent to £62m.

Last year's profit warning came as a result of Brexit uncertainty, increased regulation and rising costs.

Despite the drop, shares rose six per cent following the results as investors were buoyed by the full year results.

“The political and economic environment continues to present us with both opportunities and challenges,” chief executive Nicolas Breteau said.

“However, I am confident that with a renewed strategy, founded on our strategic pillars, and renewed sense of purpose we are in a good position to navigate these successfully, and make the most of the many opportunities we have to grow.”

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