Icap looked in a strong position in its bid to acquire Plus Markets this morning, after the London exchange said it favoured the interdealer broker's offer over a rival proposal from Gulf Merchant Bank and doubts emerged over whether the UK regulator would sanction the counter-bid.

Plus Markets delivered its rebuke to the Dubai-based bank in a statement issued this morning, in which it said the bank's counter-bid contained "inaccuracies" and was not "substantially in excess of that announced by Icap" as claimed.