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Inter-dealer broker TP ICAP said its first-half revenue fell 5% as markets became quieter while economies emerged from the pandemic.
Revenue for the six months through June fell to £936 million, down from £990 million, though the fall was a more modest 1% on a constant currency basis.
'Our revenue performance reflects challenging trading conditions caused by the combination of very quiet secondary markets and the ongoing disruption from Covid-19,' chief executive Nicolas Breteau said.
'Against this market backdrop, we have focused on those areas that we can control: namely, executing on our strategy and managing costs.'
Breteau said said the company anticipated full-year revenue, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis.