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Electronic trading company Nex reported an 11 per cent jump in revenues in the last three months of the year as the election of Donald Trump as US president boosted market activity.

The company, which is releasing its first trading update as Nex Group after changing its name from Icap, said that revenues were also up 4 per cent so far this year.

But chief executive Michael Spencer warned that volumes in January had not been as strong as in the immediate aftermath of the US election in November.

“After Trump’s election victory we benefited from an increase in trading activity as market participants considered the impact of potential policy changes on bond and foreign exchange markets”, said Mr Spencer.

“However it is still too early to assume with any confidence that the previous and prolonged period of subdued market conditions has come to a permanent end; indeed volumes in January were generally more muted.”

Average daily volumes on its popular EBS platform hit a new record at $22.5bn in the three months to the end of December, up 37 per cent from the same period in 2015.

Nex renamed itself after selling its voice dealing and broker information business in a £1.2bn deal to Tullet Prebon, which now trades as TP Icap, at the end of last year.

The company, which is now a collection of electronic trading, post-trade and venture capital assets, is expected to focus on building digital trading networks for the over-the-counter markets.

Copyright The Financial Times Limited 2017. All rights reserved.
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