Icap, the world’s biggest interdealer broker, has applied to the Financial Services Authority to become a regulated exchange, a move that would allow the group to increase its client base significantly and provide a further avenue for growth.

The news emerged as Icap, where Michael Spencer, the Conservative Party Treasurer, is chief executive with a quarter stake, announced sharply higher interim figures. The business is one of the few to profit from turbulent market conditions and has announced a string of record monthly trading updates over the summer.

Profits before tax, amortisation and other one-off costs, the measure that the company prefers to report, were 34 per cent higher at £161.5 million in the six months to end-September – and would have been £9 million higher but for the fall in the value of the dollar, in which currency most of its business is transacted.

The move to be granted regulated market status would allow Icap to open up proper exchanges for the first time in a number of new and growing areas that could be accessed by almost anyone. At present, clients must be registered with the FSA.

Mr Spencer said that he was looking at a number of opportunities, although he refused to be specific. “I’m going to have some fun with this,” he said. “I want to launch some stuff that will make people go: ‘What!’ ”

It is understood that these do not include the range of bonds, derivatives and foreign exchange products in which the company already provides dealing facilities.

Equities have also been ruled out – Mr Spencer was involved in secret talks with the London Stock Exchange (LSE) last year, but they came to nothing and it is believed that Icap has been discouraged by the growing range of rivals trying to compete with the LSE for its core business.

Icap has been growing lately in transport and freight contracts, insurance and property, and these are potential markets for development. The electronic trading side was driver for the half-year growth, giving Icap a market share of almost a third. Electronic broking, where operating profits more than doubled to £47.1 million, provided 29 per cent of such profits overall and is expected to grow to as much as half. Mr Spencer accepted that a market share of more than 40 per cent was difficult to achieve, limiting future growth in this area.

Next month, the group expects to complete the purchase of Triana, which provides back-office services in foreign exchange trading, for $247 million (£121 million). There are opportunities to expand this into other areas of derivatives trading and provide clients with a complete package.

Mr Spencer said that while at present electronic broking was the fastest-growing area of his business, “in two years’ time posttrade services will be the turbo-charger”.

Record revenues, up 15 per cent in the first half, continued into October and November, he said. “I don’t think this credit crisis is about to come to an easy end quickly.”

The interim dividend is raised from 3p to 3.7p, but, despite this increase, Icap ended the first half with an additional £20 million cash in the bank.

The figures came in ahead of most analysts’ expectations, and the shares jumped 73½p to 645p.

Icap has been the subject of a number of bid rumours that have seen the shares surge, but Mr Spencer said he had had no approaches for his 24 per cent stake.

Interdealer brokers, of which there are about five of any size worldwide, allow banks and other financial institutions to deal in bonds and other derivatives, either electronically or by phone. Typically, they make money when markets are turbulent and chaotic, as over the past couple of months, and when their clients are keen to hedge against future risk.

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