Watchdog looks at ICAP takeovers

THE Office of Fair Trading is examining a complaint against top money broker ICAP over alleged anti-competitive practices. ICAP has snapped up several rivals recently and last week said it would buy trading firm Brokertec for £160m.

ICAP's critics say it is taking too much control of the money-broking market. The OFT confirmed that if it finds enough evidence to back up the allegations, it will launch a formal inquiry.

Industry sources speculated that the complainant is Blackbird, a broking firm already locked in a bitter legal dispute with ICAP. Blackbird, where ICAP has a 19% stake, refused to comment.

The wrangle will come to a head next month when shareholders vote on who should have control of Blackbird's board. ICAP said: 'We have not received any notification from the OFT. If and when we do, we will obviously co-operate fully with any investigation they may undertake.'