Icap Fights to Save its Currency Franchise

Reuters/Brendan McDermid

Today in the Financial News, Tom Osborn writes that it wasn’t just the economic gloom, or the unrelenting rain that prompted Icap chief executive Michael Spencer to call trading conditions in the past three months the most challenging of his 26-year tenure.

For the first time since it bought its electronic currency platform, EBS, from a consortium of banks in 2006 for $825m, the interdealerbroker faces the prospect of losing its cash cow.

In the quarter ending June 30, average daily turnover on EBS was down by 24% to $126bn compared with the same period a year ago. Group revenues fell 9%.

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