(Bloomberg) -- The world’s biggest interdealer broker was bailed out in its first quarter by its non-core operations.
TP ICAP (LON:NXGN) dreadful quarter in its main broking business was offset by a 7% revenue increase in its energy and commodity operations, while its institutional services division, which matches trades for hedge funds, grew sales by 33%. Lower volatility and hence smaller volumes in rates and equities pulled revenue in global broking down 6% to 333 million pounds ($430 million).
“The uncertainty created by Brexit, the softening of the Fed’s interest-rate stance, and the potential for more quantitative easing in the eurozone has impacted our traditional banking customers’ first-quarter performance, weighing on market volatility and volumes,” Nicolas Breteau, TP ICAP’s CEO, said in the company’s statement.
TP ICAP’s overall revenue climbed 1% t to 469 million pounds. The company’s shares rose 1% to 277 pence as of 8.09 a.m. in London.
The London-based firm is the world’s biggest employer of voice brokers -- people who match complex trades between banks -- with 2,727 in 2018, according to its annual report.
(Updates with shares in second paragraph.)