TP ICAP, the world’s largest interdealer broker, reported a rise in turnover for the first four months of the year as the outlook for interest rate changes in the US and political uncertainty in Europe injected volatility into over-the-counter markets.

Revenue in the four months to April 2017 of £619m was 11 per cent higher than the same period a year ago, thanks in part to weakness in sterling. It reported a 2 per cent improvement at constant exchange rates.

The broker, formerly known as Tullett Prebon, bought ICAP’s global broking business in December. It said the improving rates business in March offset a decline in its energy and commodities business.

“We have made a good start to life as TP ICAP and I’m pleased to report that our core businesses have, once again, proved resilient despite mixed market conditions,” said John Phizackerley, TP ICAP chief executive.

It also agreed a £270m bulk annuity for its defined benefit pension scheme with Rothesay Life.

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