(Reuters) – TP ICAP (LON:) 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)
Story Credit: investing.com