August 7, 2018 / 6:22 AM / 10 months ago

CORRECTED-Interdealer broker TP ICAP selects Paris for EU hub, profit falls

(Corrects dateline)

Aug 7 (Reuters) - TP ICAP Plc, the world’s largest interdealer broker, said on Tuesday it chose Paris to be its European Union headquarters after Britain leaves the bloc, as it reported a more than 52 percent drop in first-half pre-tax profit.

The company, which brings together buyers and sellers in financial, energy and commodities markets, said pre-tax profit fell to 34 million pounds ($44.03 million) in the six months ended June, from 71 million pounds a year earlier.

TP ICAP fired its chief executive officer last month and warned rising costs related to Britain’s EU exit and new rules on market transparency would see profit fall short of expectations this year. ($1 = 0.7723 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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