Icap drops Europe and Asia cash-equities operations

UK-based interdealer broker Icap said on Monday it will drop its struggling full-service agency cash-equities business in Europe and Asia after it failed to perform as the company had hoped.

Chief executive officer Michael Spencer said: "We will continue to develop our new businesses in cash equities in Brazil, our execution only cash equities businesses in the US and our interdealer equities businesses globally."

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