||EPS - Basic
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Icap Share Discussion Threads
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|Scheme of arrangement notified through my brokers today.|
|Think this co will do what ever happens well run good balance sheet and yield have brought in a few weeks ago but held in the past|
|ICAP:-"Bank of America ML upgrades ICAP to 'buy' on valuation" TP 500p
|surprise no comments here|
|It's an interesting segment of "other financial" segment bench2.
But it's days of profitability are long gone I suspect, more consolidation to come. An industry in terminal decline I fear.|
|Thanks Fangorn2 , I stand corrected , the good news short term is that both stocks are up 7% today on good volume , so the analysts/fund managers seem to like the deal .|
|@Bench, hardly a Monopoly.
There's still Cantors, BGC, Tradition Financiere amongst others all competing in many of the same products as the Tullet Prebon ICAP goliath|
|This looks like a white flag by both ICAP and Tullett , they are both in a business which is shrinking and so why not a marriage of convenience !!! Not great for employees , and the banks may complain about a future monopoly in the IDB business.|
|I bought ICAP a while ago and am enjoying 6.1% dividends with 50% capital growth....lucky me !! :O)|
|my, this is a quiet board
I have held ICAP as a dividend play and continue to so so.
Have enjoyed the capital gain too, but I cannot begin to pretend that I fully understand what they do. tut tut, Mr Buffet would NOT approve.|
|near 30% rise since the fair gloomy statement. Think I need to take my money and run on this.|
|Would be nice to think we can be part of the consolidation of the sector
Never say never
|Seems a decent enough summary. It wasn't a particularly cheerful statement this morning but they have kept the dividend, which is an increasingly important thing for me. How long they can pay it when its not covered by earnings I am not sure...|
|By Paul J. Davies
ICAP has added more strings to its bow in recent years. But these still aren't covering up the fact that its core business is sagging.
The U.K.-listed interdealer broker helps to direct the traffic of bonds, foreign exchange and derivatives among the world's banks and investors.
To some extent, ICAP is suffering the same structural malaise as investment banking: the regulatory response to the financial crisis has taken huge volumes of trading out of global markets because banks no longer have either the capital or funding to back the kind of market-making businesses they used to run.
ICAP's response has been to restructure its old, core business while bulking up in new areas like electronic markets, risk management and information. ICAP's voice-broking business has seen its share of group turnover fall from more than half in 2010 to less than one-third.
But sales and profits are still falling. ICAP's revenues were down 15% in the first half of this year to September, while operating profits fell 34% to GBP100 million ($156.5 million). Annualize that result and ICAP's revenues for the year to March 2015 would be down by almost 25% since March 2010.
The costs of trying to battle this trend are hurting ICAP's bottom line. About 260 brokers, or 13% of its head count, have already left ICAP this year. But the company has spent GBP22 million to achieve just GBP6 million of savings in the first half out of a targeted GBP60 million by the end of next year.
ICAP only started this latest round of restructuring in May. But that progress still looks disappointing: ICAP's shares fell 8% Wednesday.
The trouble is that the profitability of brokering businesses is under pressure, even in ICAP's new areas. Operating margins in electronic markets are down to 34% in the first half of the year from 40% in 2010; in risk management and information they have fallen to 39% from 49%.
Some of these businesses are doing well. TriOptima, which helps banks collapse large portfolios of derivatives into a smaller number of trades, is in high demand as banks squeeze their balance sheets.
But these are increasingly competitive fields. ICAP is ahead of some broker rivals such as Tullett Prebon in pursuing electronic trading, risk and information services but other groups such as Markit are coming from the information sector to attack the same battleground.
On a forward price-earnings ratio of 14.6 times, ICAP is at a hefty premium to Tullett on nine-times, but a big discount to Markit on 16.9-times and to an exchange like the London Stock Exchange on 19.6-times.
With trading activity still moribund, ICAP needs to hit its cost targets quickly to not lose further ground.
Write to Paul Davies at email@example.com
Access Investor Kit for Tullett Prebon Plc
|ICAP Trades Surge, Helped by October Spike in Volatility
|Depends Dr Biotech.
Volatility is great for biz volumes yes, but only if there are two way markets. In a sharp drop down, as we are seeing across many markets, there will simply be no bids to smack as most of the IDB's customer base will be looking to sell..|
|Think that this one will benefit from the current volatility, it can only help trading volumes.|
|Just gone long on IAP ICAP, lovely break through downtrend channel and coming off a recentish bottom.|
|Yay...7% up....keep going!|
|It Continues !|
|Looking Good !|
|Now the EU accuses ICAP of yen libor rate fixing.
You couldn't make it up. This company just seems highly accident prone stumbling from one crisis to the next. Anyway as this now looks set to be the next black cloud to hang over the company for some considerable time, I'm out.|
|Yup, but there was also a piece out recently on the structural decline of IDB's..worth a read in case you missed it.
Colourful world of interdealers faces deep structural changes
|Would have thought that would have lifted the price a little.|
|London/New York, June 4, 2014 - i-Swap, ICAP's award-winning electronic interest rate swaps platform, which allows trading on the ICAP SEF, announces today that it has set a monthly US Dollar interest rate swaps (USD IRS) volume record in May of 428 trades worth a notional value of $17 billion, representing 23% of all USD IRS trades at ICAP.
Don McClumpha, CEO of i-Swap, said: "Last month's record is encouraging and demonstrates strong US Dollar liquidity on the i-Swap platform and the evolution toward increased electronification of the wholesale market. We reached these levels with close engagement with our customers and our brokers embracing an environment that is more conducive to electronic trading. In contrast, we executed 2% of our USD IRS trades electronically in January, the last month prior to the onset of SEF execution level requirements. We thank our customers for their continued support and look forward to seeing i-Swap momentum continue to build."
Laurent Paulhac, CEO of the ICAP SEF, said: "Execution on i-Swap has grown substantially in recent weeks and on a single day in May, 46% of all USD IRS trades were executed electronically. The positive trend we are now seeing on i-Swap for US Dollar IRS is encouraging and confirms that the successful integration of our voice RFQ (vRFQ 2.0) service with our electronic CLOB (Central Limit Order Book) creates value for our clients. Our regulatory compliant hybrid model combined with the recent launch of our dually regulated global SEF which solves the cross-border liquidity fragmentation issue, is gathering solid support from our global clients. We have more work to do but we are excited about the recent progress."|