In the interest of transparency, I must confess to being a small shareholder in Icap. The news that it purchased Traiana for $247 million this week – or 16.5 times the company’s projected revenue to the year ending in January 2008 – triggered some turgid coverage about how it was going to potentially challenge CLS in the post-trade environment. I simply don’t see where that story is coming from.
The issue of how much CLS is charging is fairly emotive, but it is not a given that it is too expensive.
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