5th Aug 2014 13:15
LONDON (Alliance News) - Interdealer broker ICAP PLC Tuesday said that electronic broking volumes in July decreased by 1% year-on-year, and 7% on the figures reported for June.
In a statement, ICAP, which matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets and equity derivatives, said that electronic broking average daily volumes totalled USD677.9 million in July.
The year-on-year fall was due to a 21% decline in EBS volumes, more than offsetting a 3% increase in US Treasury volumes and a 4% increase in European Repo volumes. US Repo volumes were flat.
Month-on-month, ICAP reported 9% falls in US Treasury volumes and European Repo volumes, a 3% fall in US Repo volumes, and an 8% fall in EBS volumes.
Last month, ICAP reported a 19% drop in first-quarter revenue, hit by currency movements and tough trading conditions. The interdealer broker has been struggling due to a range of challenges, such as banks' efforts to deleverage, regulatory changes, and low volatility.
ICAP shares were Tuesday quoted up 0.1% at 345.40 pence.
By Samuel Agini; [email protected]; @samuelagini
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