Icap buys more technology, profits tumble

Icap, world's largest inter-dealer broker and a foreign Exchange 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.