Icap revenue falls amid "difficult" market conditions

EBS Market volumes struggle, but EBS Direct sees growth

Michael Spencer, group chief executive officer, Icap

Brokerage firm Icap has seen quarterly group revenues fall by 14%, compared with the same period last year, according to a statement it released today. The company attributed this poor performance to the adverse market environment, where low volatility has resulted in a drop in FX trading volumes.

These conditions have dealt a particularly heavy blow to Icap's anonymous FX trading platform EBS Market, where June's average daily volumes of $77 billion were 40% lower than the $128.8 billion

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