Interdealer broker TP ICAP points to challenging final quarter

(Reuters) - TP ICAP (TCAPI.L), the world's largest interdealer broker, pointed to challenging outlook for its final quarter of 2017, blaming a lack of market volatility compared with the same period last year.

The company, which brings together buyers and sellers in financial, energy and commodities markets, said revenue for the three months to Sept. 30 rose 3 percent year on year to 420 million pounds ($548 million).

The final quarter of last year was marked by increased market volatility after unexpected outcomes in global politics, such as Donald Trump's victory in the U.S. presidential election and speculation over higher U.S. interest rates.

"Looking ahead we expect comparatively subdued market conditions for the fourth quarter of 2017, although we are well-placed to benefit from any interest rate rises in the U.S. and Europe," said Chief Executive John Phizackerley.

The Bank of England raised interest rates for the first time in more than 10 years on Thursday.

Global Broking revenue for the third quarter was in line with a year earlier, TP ICAP said, adding that energy and commodities revenue was down 1 percent, with market conditions remaining particularly challenging for its power and commodities businesses.

The company also said that finance chief Andrew Baddeley would step down with immediate effect and deputy CFO Robin Stewart would take the role on an interim basis.

($1 = 0.7659 pounds)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong and David Goodman)