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Interdealer broker TP ICAP points to challenging final quarter outlook

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Interdealer broker TP ICAP points to challenging final quarter outlook

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(Reuters) – TP ICAP <TCAPI.L>, the world’s largest interdealer broker, pointed to challenging outlook for its final quarter of 2017, blaming a lack of market volatility compared to the same period a year ago. The company also reported higher revenue for the third quarter, pointing to modest growth in period despite mixed market conditions, marked by ongoing low levels of volatility. The company, which brings together buyers and sellers in financial, energy and commodities markets, said revenue for the quarter ended September rose 3 percent to 420 million pounds ($548 million) from a year earlier. “Looking ahead we expect comparatively subdued market conditions for the fourth quarter of 2017 although we are well-placed to benefit from any interest rate rises in the US and Europe,” Chief Executive Officer John Phizackerley said. TP ICAP also said that its Finance Chief Andrew Baddeley would step down with immediate effect and deputy CFO Robin Stewart would take up the role on an interim basis. ($1 = 0.7659 pounds)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)
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