ICAP's i-Swap platform sets US Dollar interest rate swap volume record in May
04 June 2014
London/New York, June 4, 2014 – i-Swap, ICAP’s award-winning electronic interest rate swaps platform, which allows trading on the ICAP SEF, announces today that it has set a monthly US Dollar interest rate swaps (USD IRS) volume record in May of 428 trades worth a notional value of $17 billion, representing 23% of all USD IRS trades at ICAP.
Don McClumpha, CEO of i-Swap, said: “Last month’s record is encouraging and demonstrates strong US Dollar liquidity on the i-Swap platform and the evolution toward increased electronification of the wholesale market. We reached these levels with close engagement with our customers and our brokers embracing an environment that is more conducive to electronic trading. In contrast, we executed 2% of our USD IRS trades electronically in January, the last month prior to the onset of SEF execution level requirements. We thank our customers for their continued support and look forward to seeing i-Swap momentum continue to build.”
Laurent Paulhac, CEO of the ICAP SEF, said: “Execution on i-Swap has grown substantially in recent weeks and on a single day in May, 46% of all USD IRS trades were executed electronically. The positive trend we are now seeing on i-Swap for US Dollar IRS is encouraging and confirms that the successful integration of our voice RFQ (vRFQ 2.0) service with our electronic CLOB (Central Limit Order Book) creates value for our clients. Our regulatory compliant hybrid model combined with the recent launch of our dually regulated global SEF which solves the cross-border liquidity fragmentation issue, is gathering solid support from our global clients. We have more work to do but we are excited about the recent progress.”
Serra Balls ICAP Group Head of Communications +44 (0) 20 7050 7103
Guy Taylor ICAP Communications US +1 212 341 9759
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. USD IRS volumes in May 2014 were calculated based on 20 business days. This excludes the full day closure of the USD IRS market on 26 May 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, and GBP IRS in June 2013. 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 MTF and SEF. The company is authorised and regulated by the UK Financial Conduct Authority (FCA) as well as registered as a SEF with the CFTC. The dual registration includes permission to operate a multi-lateral trading facility (MTF). 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 (nondeliverable 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 to www.icap.com/sef.
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. Group companies provide services that match buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information, please go to www.icap.com.