Broker TP ICAP points to Brexit hit as CEO steps down

10.07.2018.

(Reuters) - TP ICAP (L:TCAPI) Chief Executive Officer John Phizackerley will step down, the company said on Tuesday as it blamed Brexit-related costs for what it said would be a dip in 2018 underlying operating profit below analyst expectations.

The world's biggest interdealer broker, which changed its name from Tullett Prebon after it bought London-based ICAP's voice broking business, said full-year earnings would be hurt by additional costs of about 10 million pounds ($13.2 million) related to Britain's planned departure from the European Union and new EU rules on market transparency.

It said Phizackerley would be replaced by Nicolas Breteau, who currently leads TP ICAP's largest business - global broking.