Icap buys out Prebon's stake in spot FX venture

While Icap is heavily focusing on building its dominance in the interest rate swaps business, it felt there was still profitability in owning a voice-broking operation in spot FX - despite most of the business having shifted to electronic platforms.

"The joint venture was very profitable, and demonstrates that the spot FX market still has room for a strong voice broker," claimed Icap chief executive Michael Spencer. "We have sufficient liquidity to provide banks with an attractive alternativ

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