May 15, 2019 / 6:21 AM / in 2 months

TP ICAP first-quarter revenue slips on lower volatility

May 15 (Reuters) - TP ICAP Plc, the world’s largest interdealer broker, on Wednesday reported a drop in revenue in the first quarter, as lower volatility in equity and rate markets hurt its global broking division.

The company, which brings together buyers and sellers in financial, energy and commodities markets, said its revenue fell 2% at constant exchange rates to 469 million pounds ($605.34 million) in the three months ended March.

“The uncertainty created by Brexit, the softening of the Fed’s interest rate stance, and the potential for more QE (Quantitative Easing) in the Eurozone has impacted our traditional banking customers’ first quarter performance, weighing on market volatility and volumes,” Chief Executive Officer Nicolas Breteau said. ($1 = 0.7748 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr)

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