Icap said that nearly one-third of its euro-denominated interest rate swap transactions took place through its nascent electronic platform this month, as the world's largest interdealer broker positions itself to benefit from regulation that requires more transparency in over-the-counter derivatives.

Michael Spencer, chief executive of the London-based broker, said in a trading statement this morning that its interest rate swap trading platform, which went live in September, had conducted trades worth more than €350bn since its launch.