ICAP says third quarter revenue down six percent
LONDON (Reuters) - Interdealer broker ICAP said on Wednesday third quarter revenue was 6 percent lower than the previous year due to challenging market conditions.
The British-based company said reduced activity by investment banks and disruptive new regulations in the swaps market had impacted the performance in its voice broking division.
Tapering of the U.S. Federal Reserve's quantitative easing programme helped its electronic markets, however, and its post trade operations benefited from higher demand.
ICAP said its expectations for full year profit remain unchanged but warned that further bank deleveraging and fresh regulations on swaps trading could affect performance in the fourth quarter.
(Reporting by Clare Hutchison)
