Michael Spencer, chief executive of Icap, has unveiled a new tie-up with the New York Mercantile Exchange that will extend the money broker's reach in the energy markets. It comes as the firm revealed it could be on track for record full-year profits.

The new venture will create an electronic market for over-the-counter crude oil and natural gas options. Richard Ruzika, head of commodities at Goldman Sachs, said it would bring a powerful new tool and liquidity to the energy market.