Icap buys more technology, profits tumble

Icap, world's largest inter-dealer broker and a foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term leader, has cut its earnings forecast on Friday saying a slower trading in key markets meant new businesses were taking longer to achieve profitability. As a result Icap's shares dropped by as much as 19%. This comes less than a month after Icap's CEO Michael Spencer and his family sold 45 million pounds worth of Icap's shares, although Icap says this happened before the profit warning was known.

Icap also keeps buying more and more technology. After buying Traiana, a post-trade processing provider, for $238m in 2007 Icap is now buying the remaining shares of TriOptima - another post-trade processing provider. Icap invested in the company back in 2001 and is now buying the remaining 61% for $149 million.