April 1, 2014 / 6:15 AM / 4 years ago

Icap says global broking revenue curbed by slower market activity

LONDON (Reuters) - Broker ICAP plc IAP.L said activity in its global broking division dropped in February and March on account of lower trading volumes on global markets.

A sign is seen on an ICAP office in the City of London September 25, 2013. REUTERS/Toby Melville

In a trading update on Tuesday, ICAP said February and March revenue in global broking contracted by 14 percent compared with a year earlier.

ICAP, the world’s biggest interdealer broker, or middleman between banks in stock, bond, currency and derivative trades said overall results for its full year ending March 31 are expected to be in line with current market consensus forecasts.

Reporting by Chris Vellacott. Editing by Simon Jessop

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