Michael Spencer, chief executive of Icap, has told the UK High Court in London that he is "absolutely" convinced that Cantor Fitzgerald breached the contracts of three former employees whom it is now suing for defecting to Icap.

Spencer, in cross-examination, said that he personally believed that Cantor had "unilaterally breached the contracts of its staff" in January when the broking firm told them that it would be changing all their contracts from a salary and commission basis to a commission-only basis.