Inter-dealer broker TP ICAP sees 1% drop in annual revenue

(Reuters) – TP ICAP, the world’s biggest inter-dealer broker, on Thursday forecast a 1% drop in full-year revenue and offered more details on a share issue to fund its previously announced acquisition of electronic trading network Liquidnet.

The company said trading volumes remained subdued during much of the fourth quarter.

TP ICAP said it expects the 2:5 fully underwritten rights issue to result in 225.3 million new ordinary shares at 140 pence per share, and raise about 315 million pounds ($427.83 million).

In October, TP ICAP agreed to buy Liquidnet for a revised price of between $575 million and $700 million to help its digital push and announced the rights issue to fund the purchase.

($1 = 0.7363 pounds)

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