Icap adapts to low volatility and regulatory challenges

China business sees growth in non-deliverable CNY and deliverable CNH

Hugh Gallagher, Icap

Adapting its business model to weather a difficult climate saw Icap named Asia Risk Broker of the Year as low volatility and regulatory pressures continued to impact revenues for interdealer brokers.

At the start of this year, the market was predicting a forthcoming rate rise emanating from the US – but this failed to materialise, leading to lower volumes for the rates businesses. Coupled with low volatility across asset classes – especially foreign exchange, which is another big business

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