Icap ditches electronic metals

30 Aug 2004

Icap is to drop its plans for an electronic base metals broking system, citing changed conditions in the marketplace, the inter-dealer broker said in an emailed statement.

The development...

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.