Icap thrives on market volatility

Icap does not break out FX figures, but it announced profits for its derivatives and money broking business of £56.9 million, slightly above the figures for 2002, which stood at £55.2 million. A spokesperson for the firm in London said Icap's position had continued to grow in FX due to increased activity in the forex market last year.

In 2002, Icap estimated that the global inter-dealer broker market for FX, over-the-counter derivatives, fixed income, money-markets products, energy, credit a