Geographic performance

As a global business, ICAP’s operations are distributed across more than 50 countries. The two largest regions in terms of revenue and operating profit* are EMEA and the Americas.

EMEA was once again ICAP’s most profitable market with the highest operating profit* margin. The region delivered a very strong performance driven primarily by interest rates, equities and commodities. Markets in the Americas remained unsettled as banks restructured and reallocated leverage and government fiscal easing continued. Reset, our post-trade business based in Singapore, has performed very well. This has offset the impact on our Asian voice broking business of the global reduction in risk appetite.

ICAP has been investing selectively in the emerging markets, notably in Brazil. In November 2008, ICAP agreed to acquire Arkhe, a leading independent broker in Brazil.

EMEA
	£m	Headline growth %	Underlying growth* %
Revenue	729	20	8
Operating profit*	173	4	3
The Americas
	£m	Headline growth %	Underlying growth* %
Revenue	644	22	-4
Operating profit*	138	7	-13
Asia Pacific
	£m	Headline growth %	Underlying growth* %
Revenue	228	37	12
Operating profit*	50	39	9