Icap, the world's largest interdealer broker, will replace BAA in the FTSE-100 after the completion of the UK airport operator's aquisition by Spain's Ferrovial. Icap's accession to the blue chip index came as Nordic power exchange Nord Pool fined it for breaching market rules last year.

FTSE, the UK index company, said yesterday BAA will bow out of the FTSE-100 index after almost 19 years in the wake of its £10.1bn (€14.6bn) acquisition by a consortium led by Spanish construction group Ferrovial, which was declared unconditional on Monday.