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Broker ICAP reports flat revenues | Broker ICAP reports flat revenues |
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Broker ICAP has reported no change in half-year revenues following the impact of uncertainty in financial markets. | Broker ICAP has reported no change in half-year revenues following the impact of uncertainty in financial markets. |
The firm reported revenues of £867m for the six months to the end of September, unchanged on the same period last year. | The firm reported revenues of £867m for the six months to the end of September, unchanged on the same period last year. |
ICAP, which matches buyers and sellers of currency or securities such as bonds, said its business had been affected by "extraordinary times." | ICAP, which matches buyers and sellers of currency or securities such as bonds, said its business had been affected by "extraordinary times." |
"The climate of uncertainty is inevitably creating risk aversion," said chief executive Michael Spencer. | "The climate of uncertainty is inevitably creating risk aversion," said chief executive Michael Spencer. |
He went on to blame "global imbalances" and the effects of the eurozone crisis. | He went on to blame "global imbalances" and the effects of the eurozone crisis. |
Analysts reduced their forecasts for ICAP on the news and its share price fell by about 5%. | Analysts reduced their forecasts for ICAP on the news and its share price fell by about 5%. |
"The shares have underperformed the market on fears of weaker profits from reduced market volumes and the regulatory risks including the proposed Tobin Tax [on financial firms]," said Oriel Securities. | "The shares have underperformed the market on fears of weaker profits from reduced market volumes and the regulatory risks including the proposed Tobin Tax [on financial firms]," said Oriel Securities. |
'Profound' changes | 'Profound' changes |
ICAP is the largest interdealer broker in Europe and its key business focuses on transactions for financial institutions such as banks. | ICAP is the largest interdealer broker in Europe and its key business focuses on transactions for financial institutions such as banks. |
A new European Union directive announced in October 2011 will force the firm to face new competition from clearing houses such as the London Stock Exchange, which reported a jump in half-year profits on Wednesday. | A new European Union directive announced in October 2011 will force the firm to face new competition from clearing houses such as the London Stock Exchange, which reported a jump in half-year profits on Wednesday. |
The Markets in Financial Instruments Directive aims to make trading easier across the borders of European countries. | The Markets in Financial Instruments Directive aims to make trading easier across the borders of European countries. |
ICAP said the legislation would "profoundly change the overall structure of the financial industry." | ICAP said the legislation would "profoundly change the overall structure of the financial industry." |
These changes would oblige "brokers to adapt their offering to cater to new regulatory and customer needs". | These changes would oblige "brokers to adapt their offering to cater to new regulatory and customer needs". |
The new rules will be implemented by 2015. | The new rules will be implemented by 2015. |