Broker TP ICAP's third-quarter revenue jumps on energy market volatility
Reuters
Published Nov 02, 2021 07:26
Updated Nov 02, 2021 08:22
(Reuters) - TP ICAP (LON:NXGN) Group, the world's largest inter-dealer broker, reported a 15% jump in third-quarter revenue on Tuesday, as volatile energy prices created increased trading opportunities in its commodities business.
Energy prices have been hitting record levels in recent months, as global economies open up after extended periods of COVID-related curbs, pushing up demand while supply chain issues persist.
"TP ICAP 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," Chief Executive Officer Nicolas Breteau said, while reiterating the company's full-year revenue outlook.
In September, TP ICAP had reported a 35% plunge in half-year profit as trading across most asset classes tailed off from highs seen during the height of the COVID-19 pandemic, which saw decades-high levels of market volatility.
The London-listed firm, which brings together buyers and sellers in the financial, energy and commodity markets, said its revenue rose to 447 million pounds ($610.20 million) for the three months ended Sept. 30, compared with 388 million pounds a year earlier.
Revenue for its energy and commodities unit rose 16%, with growth across all asset classes, TP ICAP said.
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Written By: Reuters
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