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TP ICAP reports first-quarter revenue drop

By Reuters

LONDON (Reuters) – TP ICAP Plc, the world’s largest interdealer broker, reported a 9% fall in first-quarter revenue on Wednesday, to £483 million from £530 million a year earlier.

The revenue drop reflected an extremely volatile market in March last year due to the COVID-19 pandemic, the company said.

Trading activity in April this year had returned to normal levels and was in line with the group’s forecasts, the company said.

(Reporting by Anna Irrera, editing by Louise Heavens)