The company warned the strengthening of the British pound against the dollar and investment spending will mean a lower full-year operating margin than last year.
“Secondary markets in the first half of 2021 continued to be uncommonly quiet,” said Chief Executive Nicolas Breteau in a statement. TP ICAP, which brings together buyers and sellers in the financial, energy and commodity markets, said its adjusted pretax profit was 88 million pounds ($121.72 million) for the six months ended June 30, compared with 136 million pounds a year earlier. Trading-related firms across most asset classes have seen activity on their platforms fall from 2020 levels when the onset of the COVID-19 pandemic saw decades-high levels of market volatility globally. Shares of the firm slipped as much as 7.5% to 182.34 pence, their lowest level since November last year. Following our successful testing of the system in a pilot project for seven banks, which ended in February, we are preparing to launch the service as soon as possible.”ĭerk Brouwer, one of the founders and Director of TriOptima, said “if all the major banks in the world were to accept this service, then total savings would exceed $1 billion per annum.– TP ICAP, the world’s largest inter-dealer broker, reported on Tuesday a 35% plunge in half-year profit as trading in its global broking and energy and commodities businesses tailed off from highs seen during the height of the pandemic. ICAP are providing assistance to help launch our new service together with back office, legal and compliance support. The triReduce service will increase efficiency and greatly reduce the cost of trading in the OTC Interest Rate Swap market.”īrian Meese, of TriOptima, said “we are delighted to have the backing of the largest interest rate swaps broker. The triReduce service provides our customers with an efficient way of collapsing their swap portfolios, thus releasing them from charges associated with capital and credit as well as eliminating ongoing operational costs. TriOptima has developed the triReduce service (patent pending), which greatly reduces the outstanding costs of managing an interest rate swap portfolio.ĭavid Casterton, Managing Director of Intercapital Europe Limited, said “ICAP is keen to encourage new developments using technology in the Interest Rate Swaps market, this system will help to increase the trading efficiency of our bank customers. In a separate development, ICAP has acquired a 30% stake in TriOptima, a private Swedish company. The fit and synergies are very compelling.” This adds significantly to our global bond position and, subject to market activity levels, we expect this acquisition to enhance headline EPS in 2002/3. corporate bonds which compliments our leading position in non-corporate bonds and our electronic broking capability. Michael Spencer, CEO of ICAP plc said “First Brokers has a very strong market position in U.S. The third founder is retiring from the business.
In the global bond markets, ICAP has the leading position in broking non-corporate bonds, particularly government bonds and Euro bonds.Īll 100 of the First Brokers staff will be remaining with the company, together with two of the three founding partners. dollar-denominated corporate debt with net assets of $3.5million and normalised post tax profits in 2001 of $10.7 million. Irrespective of how well the business performs, the absolute maximum payable is capped at $78 million.įirst Brokers Securities is the leading New York inter-dealer broker in U.S. In the event that the business continues to perform exceptionally well, it is anticipated that such payments will amount to circa $55 million. for an initial cash payment of $35.7 million.įurther payments, which are contingent on the future performance of the business, will be made over three years, at ICAP’s option in cash or shares. ICAP has completed the acquisition of First Brokers Securities Inc.
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