Merger Costs Hit Annual Results For Garban And Intercapital
BROKERS
LONDON--Two leading FX brokerage houses released their annual results last week, which reflect consolidation in the sector.
Although Garban's earnings were reasonably steady, they are down on 1997. Meanwhile, the new Intercapital Group reports a large operating loss.
Icap's statement, however, provides only a glimpse into the condition of the group's business due to accounting changes associated with its recent merger with Exco.
Annual turnover at Garban, the integrated brokerage firm, which was
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