Icap, the London-based interdealer broker, reported flat revenues of £867m for the six months ended September 30, after a rise in trading on its electronic broking platforms failed to offset a decline in voice orders. The broker blamed a decline in risk appetite among its core client base of investment banks.

Revenues in core voice broking markets were down 3% versus the previous six months to £608m. Operating profits from voice broking fell 11% to £85m, largely on the back of a 30% decline in profitability in its US credit market operations.