ICAP said winding down financial futures voice broking

Kylie The Voice

ICAP, the world's largest interdealer broker, is winding down its financial futures voice broking desk as it cuts costs to counter slumping trading volumes, a source familiar with the matter said.

Reuters reports that after an internal review, ICAP decided to reorganise its Global Financial Futures business, which had employed around 50 brokers, to focus on higher value broking activities, a separate source said.

As a result of the restructuring, the head of the desk, Gary Pettit, will leave the broker later this year, both sources said.

ICAP, like rival Tullett Prebon, has been trimming costs and pushing further into areas such as electronic trading and post-trade services to diversify revenue streams.

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ICAP cuts hit financial futures broking desk

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