Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  ICAP plc       GB0033872168

ICAP PLC
Mes dernières consult.
Most popular
  Report  
SummaryNewsAnalysisCalendarCompanyFinancials 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

CORRECT (5/4) : Trading Volumes Plunge At Forex Broker EBS

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/07/2012 | 09:31am CEST

("UPDATE: Trading Volumes Plunge At Forex Broker EBS," at 1134 GMT on May 4, misstated the historical comparison of EBS's volumes in the second paragraph. The correct version follows:)

--EBS sees second-lowest currency-trading volumes since January 2006

--ICAP-owned system has now lagged rival Reuters for six straight months

--Slowdown coincides with high-level staff departures, discussions of change in strategy

 
   By Eva Szalay and Katie Martin 
   Of  
 
 

More signs of stress emerged at currencies broker EBS Friday as it reported a 26% year-on-year slide in average daily volumes passing through the system in April.

The drop to an average of $109.7 billion a day in volumes marks an 11% slide on the month--a much sharper decline than the 6% slide on systems owned by rival Thomson Reuters (TRI) over the same period. It also represents EBS's second-lightest volumes since January 2006 and means that EBS has now lagged Reuters for six months--a big shift from its long held position as No. 1 bank-to-bank system.

London-based ICAP PLC (>> ICAP plc), which owns the firm, blamed the slip in performance to the "seasonal slowdown over Easter."

The plunge in trading volumes at EBS comes at a tumultuous time for the firm. In March, chief executive David Rutter abruptly left the company, to be replaced by ICAP-insider Gil Mandelzis, who ran a trade-processing firm also owned by ICAP.

Several other senior executives also left within a few weeks.

The broker also appears to be mulling a shift in strategy as it seeks to heal bruised relations with its core dealer banks.

As Dow Jones Newswires reported Wednesday, several people familiar with the situation say that EBS is considering scrapping the fifth decimal place that it imposed on currency prices less than two years ago.

This so-called decimalization was designed to bring EBS up to date with other systems, and help it maintain market share. But it has irked some bank traders, who say it has hindered their ability to process large trades and made it harder to snag trading profits.

-By Eva Szalay and Katie Martin, Dow Jones Newswires, 44 20 7842 9305;

[email protected] @djfxtrader

Stocks mentioned in the article : ICAP plc, ICAP plc
Stocks mentioned in the article
ChangeLast1st jan.
THOMSON REUTERS CORP 0.20% 53.91 Delayed Quote.-2.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ICAP PLC
2016ICAP : NEX Group plc ("NEX" or "Newco") Confirmation of number of New Tullett Pr..
PU
2016ICAP : Energy appoints Kieran Walsh as Director of European Agricultural and Sof..
PU
2016ICAP : Scheme of arrangement
PU
2016ICAP : Treasury Stock
PU
2016ICAP : Holds 24th Annual Global Charity Day
BU
2016ICAP : "ICAP") / NEX Group plc ("NEX" or "Newco") Publication of Prospectus, Sat..
PU
2016ICAP : Treasury Stock
PU
2016ICAP : FX volumes on ICAP's EBS platform jumped after Trump win
RE
2016ICAP : Electronic Markets Volumes
PU
2016ICAP : Tullett-ICAP deal gets German regulatory nod - source
RE
More news
News from SeekingAlpha
2016WALL STREET BREAKFAST : Pfizer To Buy AstraZeneca Antibiotics Ops 
2016Major banks, ICAP join up to create digital currency 
2015Exciting Future For BGC Partners 
2015WALL STREET BREAKFAST : Here Comes The GDP Revision 
2015New York opens inquiry into 'spoofing' 
Technical analysis trends ICAP PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Managers
NameTitle
Stuart John Bridges Group Finance Director & Director
Michael Alan Spencer Director
Samantha Anne Wren Director
Sector and Competitors
1st jan.Capitalization (M$)
ICAP PLC0
MORGAN STANLEY-4.86%88 371
GOLDMAN SACHS GROUP-10.38%86 241
CHARLES SCHWAB CORPORATION (THE)7.59%74 569
CITIC SECURITIES-5.64%30 847
NOMURA HOLDINGS INC-19.09%18 028