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Profits Down at Icap on Lower Trading Volumes

Icap has reported a 26% slump in half year profits as trading volumes fell significantly across nearly all asset classes and geographies. Michael Spencer, group chief executive of the inter-dealer broker, said the current market conditions were among the worst he had seen in his 36 years in the financial markets and warned he saw no immediate improvement. “Trading volumes this year have fallen significantly across nearly all asset classes and geographies whether equities, futures, FX, commodities, fixed income and also OTC. This has been caused by a combination of factors: global economic weakness, the continuing Eurozone crisis, bank recapitalisation and de-leveraging, uncertainty over regulatory reform, quantitative easing and near zero rates, to name the main ones. “I do not believe this negative environment will continue indefinitely but equally I do not expect it to improve imminently. It has been a time to weather a hard storm and prepare thoroughly for financial regulat...

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