Share Name Share Symbol Market Type Share ISIN Share Description
ICAP LSE:IAP London Ordinary Share GB0033872168 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 469.70 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 460.00 110.00 24.60 19.1 3,066
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 469.70 GBX

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Date Time Title Posts
03/11/201609:48ICAP - A FTSE 100 COMPANY1,762
15/7/201313:07Short ICAP-
27/1/201312:50ICAP is making big profits and is on its way up!189
25/11/201212:30ICAP - A FTSE PROSPECT88
24/11/200423:25ICAP has peaked195

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fangorn2: 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 Access Investor Kit for Tullett Prebon Plc Visit hxxp://
mechanical trader: Just gone long on IAP ICAP, lovely break through downtrend channel and coming off a recentish bottom.
hcsg25: Would have thought that would have lifted the price a little.
bend1pa: And as expected the news keeps getting worse. I'm beginning to wonder whether IAP is in slow but terminal decline. A div cut must now be a serious factor within the next year.
dmf: bend1pa - You could argue that that information is already factored into the share price !
bend1pa: Five brokers downgraded this month, 2 of them down to sub 350p. Every year they downgrade IAP and share price temporarily crashes, then usually recovers after a few months. I'd wait a bit before leaping in. There's at least £55m of fines to write off let alone further litigation against IAP in the States. If the next results are mediocre again this could easily retreat to the 320s or lower again.
cgee1: Stop your shares being loaned for shorting.....this was taken from a CFD site There are two things you can do, the first is to certificate them but this is not obviously to everyone's advantage but the alternative solution is simple. All you do is to phone your broker and put an order in saying that you wish to place your shares for sale at, for arguments sake, double today's price. As they are 'on order' they cannot be lent out by your broker and in turn you are reducing the amount of 'free shares' out there that can be used for shorting purposes. And don't forget to move your limit order up when the price starts to recover, then, that way your shares can't be shorted - not much but helps. Although an individual personal investor will not normally have enough shares to halt a concerted shorting attack, if a large number of holders did this it would reduce the overall amount of shares that they could get their hands on. Well worth doing if not only for the knowledge that your own shares cannot and will not be used in a short attack against the very share that you own.
hyden: Courtesy of Kefta over on IAP thread (re-posted here because of its relevance): from Bloomberg ICAP Plc (IAP) and Tullett Prebon Plc (TLPR), two London-based brokers, led financial stocks higher after they were upgraded by UBS AG on prospects of higher trading volumes. ICAP, the biggest broker of interest-rate swaps between banks, rose as much as 4.6 percent to the highest intraday price in more than 11 months. The shares were up 3.5 percent at 361 pence at 11:20 a.m. It was the best performer in the Stoxx 600 Financial Services Index. Tullett Prebon, an interdealer broker that lines up buyers and sellers of securities for banks, rose as much as 5.7 percent and was up 4.7 percent to 287.9 pence, the highest price since Feb. 25. It was the fifth-best performer among the 600 members of the FTSE All-Share Index. UBS upgraded both ICAP and Tullett Prebon to neutral from sell, citing valuations as well as the likelihood of increased trading volumes. Both companies have underperformed financial stocks by about 35 percent over the past year and exchanges by about 30 percent, the bank said. "This underperformance has been driven by a relative de-rating and weak earnings momentum," UBS said in a note to clients. "We see risks to the upside on both fronts." Interdealer broker trading volumes are up 9 percent in May from April and 6 percent from a year ago, UBS said. The volume of shares traded on the FTSE All-Share Index (ASX) last year was the lowest this century, according to data compiled by Bloomberg. UBS raised its 12-month share price target for ICAP by 11 percent to 340 pence from 305 pence and removed the stock from its least-preferred list. It increased the price target for Tullett Prebon by 12 percent to 280 pence. The bank also raised its earnings estimates for both companies.
bend1pa: This seems to be doing a bit of a 'Tesco style recovery. Whereas there was a good reason for the share price of that one to surge, I'm a bit baffled why IAP should be doing similar of late, considering the highly cautious statement made by Michael Spencer on 14th May. The most significant thing that day was after telling us that markets were still 'highly challenging', the message he's been telling us for many months, 3 directors including MS bought large chunks of shares at 319p for the first time in years. Since the 13th May the share price has risen 19%(sp 370) Either MS was underplaying good progress that IAP had in fact been making over recent months, or could there be something else at work here?
bend1pa: I don't see the share price sinking to 150p. IAP would s have to be in serious financial trouble for that to occur and they are still very profitable (£280m PTP forecast). There's the possibility of a div cut this year or next which is holding back the share price as well as the Libor investigation. This should all blow over within a couple of years. IAP have done very well in the past so there's no reason to assume that things have changed permanently for the worst.
ICAP share price data is direct from the London Stock Exchange
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