Sydney, 10 November 2014 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that its i-Swap platform, the electronic arm of the ICAP SEF, set a monthly AUD interest rate swaps volume record in October of 107 trades worth a notional value of AUD $6.1 billion.
Brad Howell, CEO of ICAP Australia, said: “As Global Regulatory directives drive changes to market structure we are constantly looking at ways to enhance service provision to our AUD client base in interest rate derivatives. The provision of hybrid execution services utilising i-Swap allows greater flexibility for our clients and introduces electronic trading into the AUD market for the first time.”
Don McClumpha, CEO of i-Swap, said: “Our i-Swap platform is a hybrid model that successfully combines voice and electronic markets and ensures our customers receive the best access to liquidity and execution. i-Swap continues to make impressive inroads including this month’s AUD interest rate swaps monthly record and I want to thank all our customers for their support.”
The i-Swap Central Limit Order Book (CLOB) has been live since April 2, 2014. i-Swap set previous monthly US Dollar interest rate swaps (USD IRS) volume records in: July 2014 of 859 trades, worth a notional value of $41 billion and representing 40% of all USD IRS trades at ICAP (all single counted); June 2014 of 588 trades, worth a notional value of $26 billion and representing 31% of all USD IRS trades at ICAP; and May 2014 of 428 trades worth a notional value of $17 billion and representing 23% of all USD IRS trades.
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Notes to Editors
ICAP adheres to the strictest reporting standards and discloses all its broking volumes on a single count basis, as opposed to double counting. AUD IRS volumes in October 2014 were calculated based on 22 business days. This excludes the full day closure of the AUD IRS markets on October 6, 2014.
i-Swap is ICAP's award-winning electronic trading platform for OTC interest rate derivatives, offering continuous streaming support across Euro, US Dollar (USD), and GBP interest rate swaps. i-Swap for Euro IRS launched in September 2010, USD IRS in February 2013, GBP IRS in June 2013, and AUD IRS in April 2014. i-Swap's automated matching model and implied strategy trading functionality allows ICAP to enhance its electronic liquidity through improving prices by linking liquidity in underlying swaps to liquidity in strategy orders such as spreads, butterflies, and spread-overs. i-Swap is supported by numerous large banks streaming prices, as well as additional banking and investing institutions having access to trading on the platform.
About the ICAP SEF UK
ICAP Global Derivatives Limited (IGDL), a subsidiary of ICAP plc, is ICAP’s UK-based SEF. The company is authorised and regulated by the UK Financial Conduct Authority (FCA) as well as registered as a SEF with the CFTC. IGDL allows reconciliation with the CFTC’s SEF rules with financial services regulation of the United Kingdom and European Economic Area. For more information, please go to www.icap.com/sef.
About the ICAP SEF US
ICAP SEF (US) LLC, a subsidiary of ICAP plc, operates markets for interest rate swaps (IRS), credit default swaps (CDS), equity derivatives, commodities and NDFs (non-deliverable forwards). The ICAP SEF offers a venue for trading in cleared and uncleared swaps and operates central limit order books (CLOB) and request for quote (RFQ) systems, as well as offering block trade capabilities, electronic crossing and execution via brokers. The ICAP SEF is headquartered in Jersey City, New Jersey. For more information, please go towww.icap.com/sef.
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.