Icap, the world’s largest inter-dealer broker, on Tuesday offered the first glimpse of the earnings potential from its recently developed post-trade business, as Michael Spencer, chief executive, came away with a £23m pay-out from a dividend lift.

Mr Spencer, who owns a 21 per cent stake in the company and is also the Conservative party treasurer, unveiled a 9 per cent increase in the total dividend to 17.05p, via a 12.35p final, after profits rose 5 per cent.