Broker TP ICAP third-quarter revenue jumps on market volatility By Reuters

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Broker TP ICAP third-quarter revenue jumps on market volatility

Published Nov 01, 2022 04:24AM ET

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Broker TP ICAP third-quarter revenue jumps on market volatility

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(Reuters) - TP ICAP (LON:NXGN) posted a 14% jump in its third-quarter revenue in reported currency on Tuesday, as the world's biggest inter-dealer broker benefited from stock and foreign exchange market volatility and robust performance in its global broking unit.

Trading platforms are now seeing a rise in client activity after market volatility rose, triggered by Britain's "mini-budget" and larger global economic uncertainties fuelled by rising inflation rates and Ukraine-Russia conflict.

The British firm said revenues in its Global Broking unit in the three months ended Sept. 30, rose 20% in reported currency, and all asset classes saw high single-digit to double-digit growth.

The London-listed company, which brings together buyers and sellers in the financial, energy and commodity markets, said the European Gas & Power market remained challenging due to price rises and low levels of market activity.

TP ICAP reported a revenue of 508 million pounds ($585.88 million) for the quarter, compared with 447 million pounds last year.

($1 = 0.8671 pounds)

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