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Foreign Exchange

The weeklyFiX digest: Icap sets a new record

Few would have predicted such a result given the underlying doom and gloom in the financial markets, but Icap’s 16th annual charity day, held on December 10, proved another outstanding success. The company donates all of its brokerage earned during the day to various charities. Last year, it raised a record £9.2 million ($14 million) and few realistically expected that figure to be surpassed. However, despite the sombre mood nearly everywhere else, the atmosphere at Icap was buoyant. As has become the custom, the company’s offices around the world were visited by a string of celebrities throughout the day.

But while the party atmosphere is fun, the main point of the day is to raise money. And to the surprise of many, Icap beat last year’s total by coming in with £11 million. Boss Michael Spencer did not exaggerate when he described this as an incredible achievement. The amount raised suggests several things: markets are more resilient than many of us thought; Icap is more resilient than some analysts have written; and/or traders and brokers are less hard-hearted than often perceived.

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