Interdealer broker ICAP has reported its foreign exchange (FX) volumes on its EBS platform handled more than $200 billion the day after the EU referendum.
Group chief executive officer Michael Spencer, said the recent declines in sterling following Brexit, provided ICAP with a “significant windfall benefit.”
“The referendum result was a tremendous shock to global financial markets but our platforms demonstrated resilience,” Spencer added.
Soon to be known as NEX Group, ICAP had a successful second quarter – reported 1 April to 30 June this year – with group revenues up 2% on a constant currency basis.
Its post-trade risk business revenues are also up 6% on a constant currency basis, with the demand for risk mitigation products acting as a “key driver”.
ICAP’s recent acquisition, data analytics company ENSO, has been fully consolidated, the group said, and it is now a part of the post trade risk business unit.
Plans to sell ICAP’s oil broking business have also moved forward, after the Competition and Markets Authority (CMA) expressed competition concerns following the completion of the Tullett-Prebon transaction.
ICAP said its oil broking business will be sold by the end of this year.
Group CEO, Spencer said he expects the next year to be “challenging” for ICAP as it transitions into an electronic trading venue for OTC and post trade services provider under the NEX Group brand.