In a research note entitled The largest OTC exchange, Citigroup recently initiated coverage of Icap. The report will have been warmly welcomed by the broker. Citi posted a generally healthy picture, recommending the stock as a buy with a 585p target. Icap’s chief executive probably smiled at one other telling observation in the note. “Getting all 13 banks, which as a consortium owned the EBS platform, must have sorely tested the patience of Icap management,” wrote Citi. At the moment, that would be a strong contender for the understatement of the year award, if we had one, along with, if anyone ever said it: “Merrill has to pay up for its FX staff, as newcomers know they won’t be there for the long term.”