ICAP profits boosted by electronic broking

ICAP, the world's largest interdealer broker, has reported a pre-tax profit increase of 18 per cent on last year, with the most recognizable growth occurring in its electronic business.

ICAP’s pre-tax profit for the six months ended Sept. 30 reached GBP 98.2 million ($169 million) just ahead of analysts’ expectations.

Both electronic and voice broking business showed impressive growth in the first half of this year, with ICAP increasing its share of electronic trading by 32 per cent to $540 billion a day in the first half.

In view of these results, chief executive Michael Spencer said he is seeking to expand further in computer-based trading, increasing ICAP’s market share in voice and electronic broking to 35 per cent in coming years.

Envisioning large scale growth in ICAPs electronic broking, Spencer told Reuters that, We have a long way to go on this. I really think this story is set to run for several more years and I ultimately believe that the electronic side will be bigger than the non-electronic business.

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