ICAP banking on traditionally strong fourth quarter

Inter-dealer broker ICAP reckons full-year pre-tax profits should be within the range of market expectations but added the caveat that this projection is based on the assumption that markets normalise in the last quarter.

Inter-dealer broker ICAP reckons full-year pre-tax profits should be within the range of market expectations but added the caveat that this projection is based on the assumption that markets normalise in the last quarter.

"As the banks approach the end of their financial year they are reducing their appetite for risk. This has resulted in activity in our voice business in October and November to date being disappointing, but not surprising. We expect to see a return to more normal activity at the start of the next calendar year," said Michael Spencer, the group's chief executive officer.

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