- £100mn of capital freed up ahead of schedule
- Rate environment should benefit inter-dealer brokers
The inter-dealer broking and data firm TP ICAP (TCAP) reported better-than-expected interim results after the company’s decision to domicile in Jersey, along with tight cost management and the rollout of a new dealing platform freed up about £100mn of cash ahead of schedule in the first half. The market’s mood was also lifted by a £30mn share buyback and the company’s shares marked up by 9 per cent on the day.