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FOREIGN EXCHANGE

Icap releases interim statement

Not surprisingly, Icap comments on the tough market conditions in its latest interim management statement, released yesterday (Thursday). The statement covers the period from October 1 to February 12. The company says revenue in the fourth quarter of 2008 was around 20% ahead of the same period in 2007. Commenting on its FX business, Icap says that volumes have started to slow. However, mentioning electronic broking specifically, it maintains that its position at the market’s hub offers potential, “as the banks focus more on flow businesses.” Icap also says there is a significant demand for more efficient post-trade services, which it believes it is well placed to offer.

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