ICAP, the interdealer broker today announced a trade update ahead of the closed period following its financial half year ended 30th September 2006. Its interim results will be released on 21st November 2006.
In a statement ICAP announced that it had benefited from â€œmarket turbulenceâ€ and had enjoyed a lot more activity during the summer months than in previous years.
The â€œvolatile conditionsâ€ according to ICAP were of benefit to emerging markets and foreign exchange.
ICAP reported that the technology and other related savings, following the integration of ICAP and EBS business, were expected to reach $45 million per annum by the financial year ending March 2009. The cost of achieving these savings is expected to be $24 million.
Pretax profit for the financial year ended 31st March 2007 is expected to be inline with analystâ€™s forecasts.