Wednesday preview: ICAP looking for revival in voice broking volumes

On Wednesday, the market will get the first word on whether the looked-for upturn in activity on the voice broking side of ICAP's business has occurred.

Back in November ICAP was seeing disappointing levels of activity for its telephone-based services, as banks reduced their appetite for risk at the end of their financial years, but the inter-dealer broker said this was to be expected, and it was hopeful that 2012 would bring a revival of volumes in its voice markets.

The group's outspoken Chief Executive, Michael Spencer, may also find time for a passing comment or two on the proposed "Tobin tax" - a small levy on all financial transactions - currently being promoted by French President Nicolas Sarkozy as a potential palliative for the Eurozone's financial ills.

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Spencer was recently quoted by Risk magazine as saying there is "not a prayer in Hades" of the UK agreeing to the proposed financial transaction tax (FTT).

Spencer, until October 2010 the treasurer of the Conservative party and therefore well connected politically, has reportedly had it on good authority that the UK would veto any attempt to introduce the FTT.

"In Hong Kong, Singapore and New York, the very notion it's even being considered is seen as quite extraordinary. Singapore and Hong Kong would have a national celebration if we chose to enact something as stupid as the FTT," Spencer said.

ICAP is projected to earn £1.72bn in revenue in the year to the end of March 2012.

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