Icap, the world's largest derivatives broker, has agreed in principle to buy First Broker Securities, the leading US interdealer broker in corporate and high-yield bonds.

First Broker employs about 100 people in its New York offices and is highly profitable on revenues of about $70m (€81m) a year. It is a classic deal for Icap, because First Broker is the leading niche player in the corporate bond broking market, has no technology and is privately owned.