TP Icap complains of 'mixed market conditions' as CFO steps down 

One of the key architects behind last year's mega-meger of Tullett Prebon and the phone-based broking unit of Icap is to leave the group as it faces challenging market conditions. 
TP Icap surprised the market by announcing that its chief financial officer Andrew Baddeley, who has overseen the integration of the ?1.3bn tie-up that created the world's largest interdealer broker, would be leaving the business. 
Mr Baddeley does not have another role lined up, a person close to the move said, adding that his exit was timed with the first stage of the integration coming to an end. The second part, which is integrating IT systems, will be overseen by the chief operating officer. 
TP Icap also issued a downbeat outlook for the months ahead, noting that fourth quarter revenues are likely to be challenged by current trading conditions and low levels of volatility. That is a shift on a year ago, when the so-called 'Trump-bounce' sparked a surge in trading. 
The update sent shares spiraling almost 5pc as investors digested the news, which overshadowed the announcement that revenues for the three months to September 30 had risen 3pc to ?420m. 
TP Icap complains of 'mixed market conditions' as CFO steps down 

The surprise US election result last year triggered a so-called 'Trump-bounce', which sparked a surge in trading. 
"Revenue has shown modest growth in the quarter despite mixed market conditions, marked by ongoing low levels of volatility," the business said, adding that the last quarter of 2016 "was driven by US political and economic developments". 
It noted that market conditions were particularly tough in its power and commodities businesses, with global broking revenue in line with the prior year. 
However chief executive John Phizackerley said the group was "well-placed to benefit from any interest rate rises in the US and Europe." 
The Bank of England yesterday raised interest rates for the first time in a decade. 
Mr Phizackerley said he was sad to see Mr Baddeley go and made clear that he was responsible "for putting in place the integration process for the two companies, which is now well under way, and on track". 
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