The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Icap FX revenues up 10%

Icap, the London-based interdealer broker, said foreign exchange revenues rose 10% to £312 million in year ended March 31, up from £292m for the previous year. Total group revenues were £1.7bn, up 8% year-on-year.

The firm said it benefitted from increased FX trading activity over the 12-month period. Average daily electronic broking volumes on the group’s EBS platform were $151bn, up 11% year-on-year.

 

Demand for forward products rose on continued volatility, the firm said. Spot FX meanwhile performed in line with the prior year. “The strength of our FX business was evident during the year as we grew both revenue and market share, particularly in the major currencies,” ICAP said in a statement.

 

EBS’s made progress in increasing its presence in the emerging markets. In September it began offering cleared renminbi trading in Hong Kong. March was also a record month for Commonwealth and emerging market currencies overall, Icap said, with monthly trading records in the Australian dollar, HK-cleared Chinese renminbi and the Russian rouble.

 

The interdealer broker has added new order types to benefit manual traders this year, including purely electronic fix orders. Decimalised pricing on the EBS platform was launched in March 2011.

 

Traiana, the broker’s post-trade services group, launched Harmony CCP Connect, its new service for OTC FX derivatives clearing, in March. Harmony links banks and prime brokers to clearing houses. Citi was its first customer. CME Group was its first registered clearing house.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree