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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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 16 July, 2014


Interim Management Statement

RNS Number : 4434M
16 July 2014

ICAP plc Interim Management Statement


-    Double digit revenue growth in the Post Trade Risk and Information division

-    Record volumes on EBS Direct and US Dollar i-Swap

-    Tough market conditions continue to impact trading activity in Global Broking and EBS Market

-    Cost savings programme remains on track to deliver annualised savings of £60m


London, 16 July 2014 - ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, is issuing this Interim Management Statement in relation to the period from 1 April 2014 to 15 July 2014. It will be delivered to shareholders attending ICAP's Annual General Meeting today.


Group revenue for the quarter was 14% behind the same period last year on a constant currency basis (19% on a reported basis).   Management continues to focus on enhancing the efficiency and cost effectiveness of the organisation.


Double digit revenue growth achieved by the Post Trade Risk and Information division in the first quarter demonstrated the positive return from the ongoing investment in the business to meet its customers' changing needs in the new regulatory environment. Unprecedented demand for TriOptima's compression (triReduce) and portfolio reconciliation (triResolve) services together with an encouraging upturn in activity on Reset were the primary drivers of revenue growth during the period. 


Combined average daily electronic volumes for the BrokerTec and EBS platforms in the first quarter were $707 billion, a decrease of 10% on the previous year.  Activity levels on EBS Market remains muted reflecting multi-year lows in volatility in EBS's major currency pairs and continued internalisation of bank flow.  The comparative prior year volumes reflected exceptional levels of trading activity on both platforms caused by external stimuli; specifically increased speculation around the future of quantitative easing (BrokerTec) and change in Japanese monetary policy (EBS). 


Average daily volume on EBS Direct, the relationship-based disclosed liquidity service, continued to grow during the period, averaging $11 billion per day in June, including a record single day high of $13 billion.  EBS Direct continues to generate new incremental revenue for the Group, with more than one third of the volume transacted on platform in sterling, Canadian dollars and Australian dollars, currencies in which EBS has historically not been a primary trading venue.


In June, both the number of trades (557) and the notional value ($25 billion) of US Dollar interest rate swaps (USD IRS) transacted on i-Swap, the electronic arm of the ICAP SEF, achieved record highs.  The number of electronic trades represented 31% of all USD IRS trades via ICAP, up from 23% in May and 2% in January.  During the period, i-Swap on-boarded additional new customers and saw an increase in market share.


The trading performance of the Global Broking division (which contributes less than 30% of total Group profits) continues to be adversely impacted by a combination of both structural and cyclical factors including bank deleveraging, ongoing regulatory uncertainty and lack of interest rate and FX volatility.  These factors represent a significant drag on trading activity as evidenced by the continuing decline in the reported FICC revenues of the major dealer banks.  Against the backdrop of challenging market conditions, Global Broking revenue declined by 19% on a constant currency basis (25% on a reported basis).  The Group remains focused on protecting the division's ongoing profitability.


The cost savings programme remains on track to deliver the annualised target of at least £60 million for the current year. Since announcing FY results in mid-May, over £28 million of annualised cost savings have been identified partly through a reduction in broker headcount, the one-off costs of which will be treated as an exceptional item.  These savings are in addition to the £125 million of cost savings delivered over the past three years.


Michael Spencer, Group Chief Executive Officer of ICAP said:

"Our post trade businesses are growing strongly, supported by accelerating demand for risk reduction services. During the quarter we have made further progress with our growth initiatives.  Volumes on EBS Direct and on i-Swap in US dollar reached new highs, in addition to a record number of compressions within triReduce and further expansion of triResolve's customer base.


"In Global Broking, conditions are still very difficult, and we continue to mitigate these challenges by increasing the flexibility of our operating model, focusing on priorities and delivering cost efficiencies. The Group is in the process of progressing a number of multi-year structural projects to enhance the efficiency and cost effectiveness of the organisation which will result in a more efficient corporate structure and more variability in its cost base.  These will enable ICAP to continue to invest in products and services to drive future growth across the Group."




Investors & Analysts Conference Call:


This will be hosted by Michael Spencer at 08:00am on Wednesday 16 July 2014:
Dial in number: +44 (0)20 3003 2666
Access Code: ICAP
A recording of this call will be available at






Serra Balls             Group Head of Communications                       +44 (0) 20 7050 7103

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




The closing exchange rates at 30 June 2014 were $1.71/£ and €1.25/£.   The average exchange rates for the three months ending 30 June were $1.69/£ and €1.23/£.

If the closing rates remain constant for the rest of FY2014/15 then the average exchange rates for FY2014/15 would be $1.70/£ (FY2013/14: $1.59/£) and €1.24/£ (FY2013/14: €1.19/£).  The estimated year-on-year impact on FY2014/15 is £21m operating profit reduction from translational and transactional exposures.

Each 1 cent change in US dollar and euro average exchange rates would impact operating profit by £2m and £1m respectively.  For FY2014/15, current hedges represent hedged 74% of $/£ and 78% of €/£ forecast transactional exposures.


About ICAP
ICAP is a leading markets operator and provider of post trade risk mitigation 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, please go to

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

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