TP ICAP reports energy trades revenue boost amid energy price volatility
TP ICAP, the world’s largest interdealer broker, has reported a 16 per cent rise in revenue in energy and commodities in the third quarter, as volatile energy prices have increasing trading opportunities.
Global broking revenue at TP ICAP also increased by 2 per cent over the latest quarter, but both areas saw a decline in the year to date, with total global broking revenue down by 4 per cent in the nine months to 30 September.
The company reported total revenue of £1.4bn for the first three quarters, 5 per cent up on the previous year on a constant currency basis.
Chief executive officer Nicolas Breteau said the business “capitalised on improved operating conditions during the third quarter compared with the same period last year, due to increased volatility and higher secondary trading volumes.”
Excluding Liquidnet, the electronic trading firm it bought earlier this year, Breteau said the group continued to expect full-year revenue to be in line with 2020 on a constant currency basis.
Last week the broker announced the launch of a weather data-backed index which would allow the trade of financial risks tied to climate change for the first time.