By Margarita Snegireva. The world's biggest interdealer broker ICAP Plc announced that its profits for the year to the end of March will be above expectations, boosted by increased financial market volatility.
"Steeper yield curves, volatility in foreign exchange and continuing activity in the credit markets suggest that this period of increased activity may continue for some time," ICAP said in a trading update coving the period since the beginning of October.
ICAP plc is a British based inter-dealer money broker, the largest in the world, carrying out transactions for financial institutions rather than private individuals. ICAP trades in a number of areas, including derivatives, fixed income securities, money market products, foreign exchange, energy (such as gas and oil), credit and equity derivatives.
ICAP plc is headquartered in London, England, UK and operates from London, New York and Tokyo with offices in a further 21 smaller financial centres such as Madrid and Sydney. The average daily transaction volume for ICAP plc exceeds $1 trillion, with an even split between paper and electronic transactions.