Michael Spencer, group chief executive of Icap, saw his bonus soar more than a quarter to £5.05m (€7.4m) last year after profits at the world's largest interdealer broker climbed to an all-time high of £204m in the year to March.

Spencer's basic salary, like those of Icap's other three executive directors, remained frozen at £360,000 last year, but his performance-related bonus advanced from £4m a year ago to more than £5m in 2005 on the back of Icap's record-breaking performance.