ICAP plc (LSE: IAP) is world’s largest inter-dealer money broker carrying out transactions for financial institutions. Icap had a very solid year in 2009 with pre-tax profit of £333m and this year it expects it to be higher by a few percents.
Icap expects first-half sales to come in nine per cent stronger than last year as trading activity picked up again following the financial crisis. Icap said the active high frequency markets had boosted its post trade business and electronic broking division, which in September pioneered first electronic market for trading interest rate swaps.
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Icap chief executive Michael Spencer said politicians and regulators “should be thrilled” by the firm’s work in setting up the new platform, which would make the market more “resilient, robust and transparent” – a key concern in the wake of the collapse of Lehman Brothers.
Spencer said the firm’s current level of performance should put it on course to hit analyst expectations over the full year to March, with current pre-tax profit forecasts falling within the range of £333m to £357m.