ICAP to combing FX with fixed income

Business Hand Shake

ICAP, the world's largest interdealer broker, said on Thursday it would combine its foreign exchange trading platform EBS and fixed-income trading platform BrokerTec.

Reuters reports that Interdealer broker revenues have plunged as banks retreat from risky trading to comply with new rules brought in after the 2008 financial crisis, and ICAP has been trying to offset a slump in trading volumes by cutting costs.

It has also been moving to reposition its business towards electronic broking and post-trade services.

"Bringing EBS and BrokerTec together will allow us to deliver new products and reach new client segments ... We want to continue to expand our addressable market with the launch of innovative products into other asset classes," ICAP Group Chief Executive Michael Spencer said in a statement.

To access the complete Reuters article hit the link below:

ICAP to combine forex, fixed income trading platform businesses

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