Icap has enjoyed a sharp rise in trading volumes on its electronic interest-rate swap platform, according to chief executive Michael Spencer, who said today that the interdealer broker had benefited from clarity on new regulations governing the over-the-counter derivatives market.

The platform, iSwap, was launched last year in anticipation of new rules that will push the majority of the $500 trillion interest-rate swap market onto electronic platforms, superseding the current phone-based market.