Icap daily electronic transaction volume tops $500bn

Icap daily electronic transaction volume tops $500bn

Interdealer broker Icap says transaction volumes on its electronic broking platforms exceeded $500 billion for the first time on a single day in February.

The new high water mark, achieved on 10 February, compares with an average daily volume of about $210 billion when Icap acquired fixed income dealing network BrokerTec in May 2003.

Michael Spencer, Icap's group CEO, says the growth "has been achieved by building critical mass in a wide range of liquid interest rate and credit products."

The firm also estimates that its combined voice and electronic market share in US Treasury products have exceeded 60% for the fourth quarter on 2004, compared with over 46% share in the same period of 2003.

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