Garban-Intercapital, the world's biggest interdealer broker, has beaten all forecasts to make a record £75.6m (€125.6m) pre-tax profit in the year to March.

The results will strengthen Garban's negotiating position with Liffe, the UK derivatives market. In the past few weeks, chief executive Michael Spencer has quietly bought up a 4.5% stake in Liffe, fuelling speculation that he may bid for the entire exchange.