Icap chief executive Michael Spencer said the interdealer broker is "well advanced" in its application to launch a new trading platform for interest rate and credit derivatives, following reduced regulatory uncertainty in the US around sweeping OTC derivatives rules.

Spencer was speaking following the release of an interim management statement covering the period between April 1 and July 10 this morning. He said its application to run a new trading venue for swaps would be lodged with regulators before October 2.