Jan 6 TP ICAP Plc, the newly merged
financial broking firm, said market reaction after the election
of Donald Trump and expectations for interest rate rises helped
it post a sharp spike in trading volumes during the final
quarter of 2016.
The company, formed after Tullet Prebon bought ICAP's hybrid
voice broking unit late last year, said it now expects 2016
revenue to be around 12 percent higher than the 796 million
pounds ($985.37 million) reported in 2015, helped as well by the
sharp fall in sterling.
TP ICAP said volatility and market activity increased in the
aftermath of the U.S. presidential election in November and on
the back of expectations that central banks will start raising
interest rates, boosting fourth-quarter revenue across all its
Interest rate derivatives, fixed income and treasury trading
saw the biggest boosts, the British interdealer broker added.
Excluding benefits from currency movements - particularly
the sharp fall in sterling - revenue would be up 4 percent, it
($1 = 0.8078 pounds)
(Reporting by Esha Vaish in Bengaluru; Editing by Rachel