“ICAP, the world’s largest interdealer broker, has shut its New York Stock Exchange floor trading operations in the latest sign that the slump in equity trading volumes is squeezing the brokerage industry.

The closure, confirmed by two people close to ICAP, comes as chief executive Michael Spencer warned that one of the toughest markets in his 36-year career had led to a 50 per cent drop in first-half profits.”

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