Garban Intercapital, the world's largest derivatives brokerage, is set to consider further joint ventures with rival firms as part of a continuing reorganisation of the business.

George Macdonald, the incoming chief executive of European operations, last week refused to rule out linkages along the lines of its alliance with another derivatives broker, Tradition Financial Services, in the foreign exchange options markets. 'We will continue to remain flexible in areas of the business where it makes sense,' he said.