Icap thrives on market volatility

UK-based Icap estimated that the global inter-dealer market for OTC derivatives, fixed income, money market products, foreign exchange, energy, credit and equity derivatives grew by around 10% last year, generating revenues of $4.3 billion. Icap claims a 23% share of that business.

Icap chairman Michael Spencer highlighted the integration of BrokerTec, the electronic bond-trading platform, as a priority for 2003. Icap’s acquisition of BrokerTec was completed on May 7. Icap’s combined daily transaction volumes exceed $500 billion, of which 40% is electronically traded, said Spencer.

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