Shares in ICAP were down on the FTSE 100 in morning trading after the interdealer reported a rise in revenue of nine per cent in the third quarter ended 31 December 2010.

The group said that trading had been in line with expectations and that pre-tax profit in the full year ended 31 March 2011 will be between £333 million and £357 million.

Michael Spencer, Chief Executive of ICAP, said, "ICAP has continued to benefit from volatility in financial markets driven by quantitative easing and imbalances in the global economy. We are well positioned in markets that are active and remain focused on the disciplined execution of our strategy. We are delighted with the continuing progress of the electronic interest rate swaps platform that we launched with market maker support last September. While we are very excited by this opportunity we are only at a very early stage of what we expect will be a multi-year project, the benefits of which will take time to emerge.

"The regulatory agenda is progressing and we welcome the opportunities provided by the moves to make OTC derivatives markets more robust. Looking ahead to the next financial year, I am confident that we will build on these strong foundations to increase our market share and create a more balanced distribution of our operating profit between voice broking, electronic markets and post trade risk and information services."

By 09:20 shares in ICAP were down 1.64 per cent on the FTSE 100 to 539.00 pence per share.