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ICAP, Michael Spencer's interdealer broking giant, today said booming bond markets and lively trade in commodities meant it is on track to nearly match last year's profits.
In a trading update in advance of its annual general meeting for shareholders, Icap said revenue in the three months to the end of June jumped by more than 10%.
Spencer gave no further clues on the progress of the Icap-led consortium's bid for clearing house LCH.Clearnet.
The business is on course to meet City forecasts of £337 million profit - down 2.6% from last year.
The jump in corporate and government bond issues which, on the corporate side, has come due to the reluctance of banks to lend, has greatly assisted Icap, which matches buyers and sellers.
Low short-term interest rates and steep yield curves also helped.
The credit and equity derivatives markets was more difficult, while electronic broking volumes fell 31% in the first quarter.
Despite concerns in some quarters about moves to toughen derivatives regulation, Icap said it welcomed such action.
