Icap wins interdealer broker survey

Icap beat rival Tullett Prebon into second place, winning 33 out of 55 categories of interest rate products. Tullett, meanwhile, led the currency market, winning 10 out of 26.

GFI was the best performer in both equity (eight out of 22) and credit (six out of 12) derivatives.

The year saw two key mergers in the broking industry – Icap bought the electronic foreign exchange broker EBS in June, and London-based credit broker CreditTrade merged with US electronic trading platform Creditex in August. Both deals represent responses to growing demand for electronic broking services, said David Casterton, managing director of Icap.

“The idea of having a combined voice and electronic business is very logical, and now pretty much everybody endorses it, albeit in some cases because they do not want to be seen to be left behind,” he said.

Elsewhere, TFS-Icap achieved second place in currencies, winning three vanilla currency option categories and four exotic currency options sections.

The full results of the survey are published in the September issue of Risk, and it is available to subscribers on the risk.net website (http://www.risk.net/public/showPage.html?page=343538)

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