London-based inter-dealer broker Icap, has said its revenues last year will be at least 36% up on the previous 12 months, as increased volatility and government bond issuance give brokers the chance to grow their fixed income businesses to compensate for the slowdown in the equity markets.

Icap said its revenues for the year to March 31 are set to exceed £1.5bn (€1.6bn) for the first time despite unprecedented upheaval in global financial markets. This compares with £1.1bn in revenues over the previous year.