Anyone who dialled into ITG’s hastily-arranged client call on July 31 would have heard the sound of laughter coming down the line.

The mic was on shortly before the call was due to start in earnest and some people on the line clearly hadn't realised. Whatever the source of and reason for the laughter - and ITG has since said it was listeners rather than anyone at the firm - it probably wasn't the way ITG hoped this particular call would begin.