TP Icap was formed last year through a £1.28 billion deal designed to dominate the voice-broking industry. But could the interdealer broker turn its attention to building electronic trading venues?

Analysts at Liberum, led by Justin Bates, seem to think so. "TP Icap is viewed solely as a voice broker. We believe this is wrong and a dangerous assumption," they wrote in a March 2 note.