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TP ICAP efforts to relocate staff to EU delayed by pandemic
StockMarketWire.com
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Inter-dealer broker TP ICAP said efforts to relocate staff to countries in the European Union in the wake of Brexit had been delayed due to the pandemic.
The company had recently established a new subsidiary in France to undertake its broking business in 27 EU member states.
However, it had not yet been possible to complete the relocation of staff, particularly due to to stay-at-home orders and travel restrictions.
TP ICAP also hadn't been able to complete the hiring of brokers in its EU-based offices as quickly as originally planned.
The company said it was committed to completing the process 'at the earlier opportunity'.
'TP ICAP does not expect any material impact on the group's global broking business or its financial results as a result of any of the matters disclosed above, including any temporary reduction of services provided to clients based in the EU 27,' it added.
Story provided by StockMarketWire.com
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