ICAP sees 14% fall in year-on-year group revenue

ICAP, the world's largest interdealer broker, said on Wednesday that group revenue in the first quarter fell 14% year-on-year, as tough market conditions continued to affect trading.

Reuters reports that revenue in its voice broking division fell by 19% due to a combination of both structural and cyclical factors including bank deleveraging, regulatory uncertainty and lack of interest rate and foreign exchange volatility, the company said.

Volumes in its BrokerTec electronic fixed income trading platform and its EBS currency trading platform fell 10% to $707bn.

'Conditions are still very difficult, and we continue to mitigate these challenges by increasing the flexibility of our operating model, focusing on priorities and delivering cost efficiencies', ICAP Chief Executive Michael Spencer said in a statement.

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ICAP first-quarter revenue dips 14 percent as trading remains subdued

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