Michael Spencer, head of the world’s largest inter-dealer broker, ICAP, has suggested he may not sit idly by after Nasdaq’s move on the London Stock Exchange yesterday.

ICAP held abortive talks with the LSE during the summer. However, discussing ICAP’s £400 million takeover of currency trading platform EBS last year, Spencer commented : “The combination of ICAP and EBS networks provides ICAP with a distinctive capability — a high-speed global network for distribution of products that are increasingly traded around the clock.

“Almost all other businesses, the inter-dealer brokers and the exchanges, lack this global capability. Consolidation in these markets continues and ICAP remains in a very strong position.”

He added: “The group remains highly cash-generative with a strong balance sheet.”

Spencer also remarked that the inter-dealer broker market is still growing rapidly. ICAP’s profits in the six months to September rose 23pc to £120.8 million on revenues 22pc higher at £543 million. The shares rose 8.5p to 495p, valuing the business at a shade over £3 billion.