Electronic trading revenues at Icap grew in the first quarter despite uncertainty over Greece and the eurozone, on the back of higher US activity and a recovery in foreign exchange business at the interdealer broker, which is preparing to push into a new area of the FX market this year.

Icap, in a Wednesday trading statement covering the three months to June 30, reported "strong growth" in electronic trading but highlighted a mixed backdrop for its businesses, with FX activity turning in a "significant year-on-year recovery", while activity as a whole was muted by "continuing uncertainties around the future of the eurozone", which the broker said cut both risk appetite and trading volumes during the period.