Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

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  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Wednesday 01 February, 2012


Interim Management Statement

RNS Number : 5689W
01 February 2012

ICAP plc Interim Management Statement


London, 1 February 2012 - ICAP plc (IAP.L), the world's leading interdealer broker, today issues its Interim Management Statement for the period from 1 October 2011 to 31 January 2012 and the outlook for ICAP's financial year ending 31 March 2012.


As previously indicated, the third quarter ended 31 December 2011 was less active than the first half with Group revenue from continuing operations for the nine months to 31 December lower by 2% compared with the same period in the previous year.  For the third quarter, Group revenue from continuing operations fell by 7% compared with the strong third quarter of 2011.


The continued uncertainty in the Eurozone and constraints on market liquidity, together with customers reducing risk before the year-end, led to more subdued volumes. Our post trade businesses however continued to perform strongly throughout the period.


It is still relatively early in 2012 but we have seen signs of an encouraging recovery in voice broking revenue. Volumes on our electronic platforms however, while up on December, are down 19% compared to a busy January 2011 due mainly to very low volatility in yen and Swiss FX as a result of central bank actions.


In response to market conditions, we have also been realigning our business to match customer demand by reducing headcount in areas of lowered profitability, while investing and hiring in growth areas such as financial futures and commodities. To date we have reduced our cost base by a net £20 million compared to the prior year.


As a result, we expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336 million to £358 million.


The Board has today appointed John Sievwright as its Senior Independent Director.



The global outlook remains uncertain but there are some grounds for cautious optimism. There are indications of improvement in the US economy and European government and institutional activity has improved liquidity conditions. As certainty and confidence return, so will our customers' willingness to transact.


Commenting on the third quarter and outlook, Michael Spencer, Group Chief Executive Officer of ICAP, said: "Like everyone else we saw a significant reduction in risk appetite in November and December. In January we saw encouraging signs of activity starting to return, albeit cautiously in some markets.


"ICAP is well placed to capitalise on the rapidly changing shape of the wholesale financial markets and to serve our customers' needs. The financial strength of our business means we can continue to invest in the technology, markets and products that will drive future growth. Our market-leading electronic fixed income platform, BrokerTec, will benefit from a significant upgrade in March leading to improved processing speed and expanded capacity.


"The wholesale markets play a vital part in the efficient flow of capital around the global economy and ICAP will continue to play a leading role in helping our customers manage and mitigate their risks."


Business performance:

In the third quarter, the voice broking business recorded lower activity overall as uncertainty weighed on the markets. However, energy performed well globally during the period, as did European government bonds. While credit markets remain challenging, we saw a good performance in European and Asian credit derivatives. We also saw a strong performance in on and offshore Chinese Renminbi. Our restructuring in Brazil is on track; revenues grew strongly in the third quarter and we expect to reach breakeven during the second half of the next financial year. In December we expanded our financial futures business creating a global execution model with operations in London, New York, Chicago and Sydney.


On our benchmark electronic foreign exchange and fixed income platforms, EBS and BrokerTec, total average daily volumes for the quarter ended 31 December 2011 were $730 billion, a decrease of 7% year on year, albeit the comparison period benefited from quantitative easing. In fixed income products, total average daily volumes on the BrokerTec platform were $594 billion, a decrease of 8% on the previous year, in part due to the historically low US yield curve. We have seen a good performance from European government bonds. Average daily volumes on EBS decreased 6% year-on-year to $136 billion for the quarter, partly due to lower volumes in some of EBS's strongest currency pairs resulting from central bank intervention policies in Japan and Switzerland.


Our post trade risk and information business saw strong revenue growth for the quarter ended 31 December 2011. TriOptima, through triReduce, its compression service for both interest rate and credit default swaps, helped customers reduce their counterparty credit risk by terminating a record-breaking $62 trillion in OTC derivative notional principal outstanding during 2011. In some months, including October, triReduce eliminated more interest rate swap notional principal than the market added in new trades. Reset benefited from continued volatility as risk reduction remained a key focus for clients.  ReMatch launched its new quanto service, which was well received by the market. At 31 December 2011 Traiana's Harmony network was processing an average of 1.1 million transactions per day, an increase of more than 55% over the same period in 2010 CLSAS, our aggregation service joint venture with CLS, processed on average 240,000 transactions per day in the third quarter, an increase of 190% over the same period last year.


Financial position:

We expect the effective tax rate for 12 months ending 31 March 2012 to be 30%. For the nine months ended 31 December 2011, the Group purchased 14 million shares of which 8 million were purchased in the three months to 31 December 2011 to offset shares issued under the previous scrip dividend.




About ICAP:

ICAP is the world's leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to


1.   Profit is defined as pre-tax profit from continuing operations before amortisation and impairment of intangibles arising on consolidation and exceptional items.


2.   The current forecasts for ICAP plc pre-tax profits referred to in this announcement are based on forecasts of profit before tax, acquisition and disposal costs and exceptional items provided by 11 equity analysts.


This document contains forward-looking statements with respect to the financial condition, results and business of ICAP plc. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. ICAP plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.


A conference call for media will be held at 08:00 (GMT) on Wednesday 1 February 2012. For dial-in details please contact [email protected].


A conference call for analysts and investors will be held at 08.30 (GMT) on Wednesday 1 February 2012 to discuss this statement. To dial in, please call +44 (0) 20 3003 2666. The access password is ICAP.



Brigitte Trafford           Director of Corporate Affairs   +44 (0) 20 7050 7103

Alex Dee                      Head of Investor Relations      +44 (0) 20 7050 7123

Neil Bennett                 Maitland                                   +44 (0) 20 7379 5151


This information is provided by RNS
The company news service from the London Stock Exchange

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