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.
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