Interdealer broker Icap says it expects to complete the acquisition of several BrokerTec assets before the end of April, as the US Department of Justice investigation into anti-competitive behaviour at the consortium-owned fixed income platform winds down.
Icap says discussions with the DoJ have made "significant progress" and revised documentation for the proposed $181 million takeover is now being prepared.
The broker made the announcement as it reported profit ahead of expectations in its pre-close trading statement for the year ending 31 March 2003.
The range of five analysts' current forecasts for Icap's profit before tax is £112.6m to £116m with a median of £114m.
Icap says daily transaction volumes have risen to in excess of $350 billion as volatility in the capital markets lifted volumes in the first quarter of 2003.