Icap, the world’s largest interdealer broker, is set to announce a full-scale revamp of its market-leading currency platform, chief executive Michael Spencer revealed this morning, as the firm aims to shut out the predatory behaviour of “sneaking little algos” that disrupt the business of major FX trading.

The shake-up of EBS, due to be set out formally in mid-August, will result in a full re-brand of Icap's FX franchise, featuring new product lines and a re-focusing of the platform's architecture to suit Icap's core bank clients.