Michael Spencer set up Icap with a handful of mates in 1986. Now with £1 billion revenues, a FTSE 100 badge and a quarter of his chosen market, where does Icap go from here?

Today's earnings are broadly in line with guidance, but analysts fret about its exposure to the dollar, whose depreciation reduced profits by £9 million, and marked the shares down, off 9p at 521p.

Mr Spencer talks about a 35 per cent market share, but further large-scale acquisitions look unlikely. Last year’s mooted link with the London Stock Exchange never happened.

The market is regularly swept with rumours that Mr Spencer’s near 25 per cent holding is up for grabs, which he has denied. What is undeniable is his commitment to the Conservative Party, of which he is treasurer. At the least, some planning for a successor must be a priority.

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