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StockMarketWire.com
ICAP, a leading markets operator and provider of post trade risk and information services, posts a trading operating profit of £252m for the year to the end of March - down from £290m last time.

Revenues fell by 7% to £1,276m and trading profits before tax fell by 15% to £229m. The statutory pre-tax profit of £95m was down from £121m a year ago.

Group chief executive Michael Spencer said: "The past year has been one marked by both challenges and opportunities across many of our businesses. Our bank customers have re-prioritised their sales and trading franchises and continued to reduce balance sheet risk. Our regulators continued their important work for market efficiency, embracing greater transparency and tighter, more risk averse financial systems.

"Against this backdrop of a transformed market environment, we have re-balanced our portfolio of assets with our Electronic Markets and Post Trade Risk and Information divisions now contributing three quarters of the Group's profitability. We have materially re-engineered ICAP, with a significant reshaping of our Global Broking division and the merging of EBS and BrokerTec. We have had some excellent successes with EBS Direct, the new emerging currencies on EBS, and in our Post Trade Risk and Information division with risk reduction services from TriOptima. These factors, combined with our ongoing investment in technology-based innovative solutions, have set us on the path to growth.

"As a result of the changes we've made, ICAP is better placed to capitalise on the opportunities available and better able to serve a broader range of customers. ICAP is profitable and cash generative. We will continue to invest in people, training, technology and systems to ensure we have the right skills, remain innovative and agile, and grow our business."

StockMarketWire.com
Numis has added interdealer broker ICAP (LON:IAP) to its list of stocks to avoid and moved to an outright sell investment rating (from hold) stating that shares have run too far and are now trading at a sizeable premium to peers and historical levels.

The broker explained that it believes the shares do not fairly reflect the higher level of targeted investment spend, the ongoing challenging market conditions and the investigation into ISDAfix in the US.

Analysts have increased their target price to 440 pence a share (previously 420 pence).

Separately, Barclays Capital reaffirmed its overweight stock rating (target raised to 625 pence from 600 pence) in a note to investors, on Friday.

StockMarketWire.com
ICAP has made progress on its strategic goals against a backdrop of mixed market conditions, shareholders at the annual general meeting today will be told.

ICAP , a leading markets operator and provider of post trade risk mitigation and information services, says group revenue for the quarter to the end of June decreased by 1% compared to the corresponding period last year on a constant currency basis (increased by 2% on a reported basis), albeit on a lower cost base than a year ago.

It says management remains focused on driving future growth of the business through new technology driven products and services which expand ICAP's addressable market. Overall market conditions have been mixed; while FX volumes have shown a significant year-on-year recovery, the continuing uncertainties surrounding Greece and the future of the eurozone have tended to reduce risk appetite and trading volume, whilst there is still no clear picture on the future direction and timing of any interest rate moves.

http://www.moneyam.com/action/news/showArticle?id=5076150

StockMarketWire.com
ICAP reports total EBS average daily volumes of $89.4bn in September - 24% down on a year ago and 11% lower than August's $100.3bn. Total volumes for the 12 months to the end of September rose to $105.1bn - 29% up on a year ago.

ICAP STATEMENT REGARDING DISCUSSIONS WITH TULLETT PREBON
Further to the announcement by Tullett Prebon plc, ICAP plc confirms that it is in discussions regarding the possible sale to Tullett Prebon of ICAP's Global Broking business, including ICAP's associated technology and broking platforms (including iSwap and Fusion), ICAP's associated information services businesses and certain of ICAP's joint ventures and associates ("ICAP Global Broking Business" or "IGBB") (the "Transaction").

If the Transaction were to be completed, it is envisaged that it would be structured as a sale by ICAP of IGBB to Tullett Prebon, with new shares in Tullett Prebon issued as consideration. It is envisaged that Tullett Prebon would issue more than 100% of its existing share capital as consideration and the Transaction would be structured such that the majority of such new Tullett Prebon shares would be distributed to ICAP's shareholders, with ICAP retaining a minority stake in the enlarged Tullett Prebon group.

There can be no certainty that these discussions will lead to any transaction or as to the terms upon which any such transaction might proceed.

StockMarketWire.com
ICAP, a leading markets operator and provider of post trade risk mitigation and information services, is to combine its voice and hybrid broking and information business with Tullett Prebon.

Tullett Prebon intends to acquire all of ICAP's global broking business ("IGBB") in return for the issue of new shares in Tullett Prebon to a new holding company of the ICAP group ("ICAP NewCo") and to ICAP's shareholders, representing in aggregate 56% of the enlarged Tullett Prebon issued share capital as at completion.

No changes are anticipated to the Board of Directors of ICAP, each of whom is expected to become a Director of ICAP NewCo. On completion, Ken Pigaga, currently group chief operating officer of ICAP, will resign from his current position in ICAP and be appointed to the board of the enlarged Tullett Prebon as a director and chief operating officer.

Michael Spencer, group chief executive officer of ICAP, said: "Today we announce a compelling opportunity to bring together two world class, client focused broking businesses, both with a proud heritage.

"By coming together they will benefit from improved scale, allowing for a significantly improved product suite and service for customers. Financial regulatory reform means that the global financial markets have profoundly changed and this transaction means both companies will be better suited to meet the market's changing needs and better serve our customers."

StockMarketWire.com
ICAP's revenues for the third quarter to the end of December were 5% lower than a year ago on a constant currency and on a reported basis.

ICAP says overall market conditions have remained challenging and risk appetite remains subdued among its clients as they continue to deleverage their balance sheets. The first step in the normalisation of the US interest rate environment was taken as the US Federal Reserve raised interest rates by a quarter percentage point. However, volatility remained relatively benign through the quarter before picking up at the start of the new calendar year. Group chief executive Michael Spencer said: "Against the backdrop of a difficult market, our business continues to perform well, particularly the Post Trade division which goes from strength to strength. The decision by the Fed to raise interest rates was very welcome, but we are still operating in an environment of ultra-low interest rates and we have some way to go before we return to more normal market conditions. Risk appetite remains subdued and I see few signs that this will pick up any time soon, even after markets began the year with a short burst of extreme volatility. "The transaction to combine our global hybrid voice broking business with Tullett Prebon is proceeding well, and marks a defining moment in the transformation of the Group into a financial technology business. We have laid the foundations for our electronic and post trade businesses to deliver strong, cash generative returns for the future. I remain confident and excited about the range of opportunities ahead of us and our ability to execute our strategy successfully and provide long-term profitable growth."

Goldman Sachs today reaffirms its neutral investment rating on ICAP PLC (LON:IAP) and cut its price target to 520p (from 560p).

StockMarketWire.com
China Foreign Exchange Trade System - China's official inter-bank market trading platform and infrastructure provider - has chosen ICAP to deliver the underlying technology for fixed income and foreign exchange (FX) electronic execution services in mainland China.

The technology will be delivered by EBS BrokerTec, ICAP's market-leading electronic FX and fixed income business, which will form part of NEX Group plc, following the completion of the transaction with Tullett Prebon to dispose of ICAP's global hybrid broking and associated information businesses.

The deal, valued at $65 million over a three-year period, will see ICAP expand into China, a key growth market for the business, with EBS BrokerTec establishing a local office and development centre in Shanghai.