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.
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