Interdealer broker Icap has called for firms that report suspicious activity on the part of others in the fixed income, currency and commodity markets to be protected under an institutional-level whistle-blowing mechanism.

As part of its response to the Fair and Effective Markets Review, conducted by the Bank of England to address perceived problems within FICC markets, the broker said that such a regime would allow the industry as a whole to flag issues before they reached a critical point.