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TP ICAP, the world’s largest inter-dealer broker, has announced a 5% increase in third-quarter revenue. The rise was largely fueled by a robust performance in its energy and commodities division, which helped balance the weaker results in its broking business.

Shares of UK interdealer broker TP ICAP surged on Wednesday following the release of better-than-expected half-year earnings and the launch of a share buyback program. In early morning trading, TP ICAP shares rose by 13% to reach 173.70 pence each on the London Stock Exchange, its highest one-day percentage gain since March 2020.

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.