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Inter-dealer broker TP ICAP said its first-quarter revenue had fallen 12% as market volatility eased.
Revenue for the three months through March fell to £483 million, down from £547 year-on-year. The fall was a little weaker, at 9%, on a constant currency basis.
Compared to the same period back in 2019, before the pandemic hit, revenue was up 3% and constant currency revenue was up 6%.
'Following the exceptional revenue performance in the first quarter of 2020 driven by extreme volatility across all asset classes, these results represent a solid performance in the first quarter of 2021,' chief executive Nicolas Breteau said.
TP ICAP stuck to its full-year guidance of low single-digit revenue growth on a constant currency basis, excluding Liquidnet revenues.