Icap sees volumes rise by a third on BrokerTec connection

Icap sees volumes rise by a third on BrokerTec connection

Interdealer broker Icap is reporting a 33% lift in electronic trading volumes since connecting its own platform with newly-acquired fixed income dealing network BrokerTec in September.

Icap says the volume traded on its electronic platforms grew by a third between September 2003 and February 2004. February volumes averaged $313bn single count daily vs $235bn in September 2003. A peak daily electronic broking volume of $396bn was recorded on Thursday 11 March 2004.

The firm estimates that its combined voice and electronic market share in US treasury products increased to 47% in February 2004 from 41% in September 2003.

Icap completed the acquisition of BrokerTec in May 2003 and integrated its electronic trading system in September.

In a statement, Michael Spencer, group chief executive of Icap, comments: "I am extremely encouraged with our progress in electronic broking since the BrokerTec acquisition and am confident of the outlook."

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