Icap revenue falls amid "difficult" market conditions

EBS Market volumes struggle, but EBS Direct sees growth

michael-spencer-icap
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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