ICAP adds wet freight derivatives to ICAP TrueQuote, its screen supported voice-hybrid service for OTC oils

17 April 2012

London, 17 April 2012 – ICAP Energy Limited announced today that it will be extending ICAP TrueQuote – its successful hybrid voice-electronic broking service for OTC crude, fuel oil and middle distillate swaps – to wet freight derivatives. The screen will support ICAP’s fast growing Wet Forward Freight Agreements (FFA) voice broking desk and offers OTC wet freight clients a voice-electronic hybrid service with execution and straight-through-processing to clearing.

ICAP TrueQuote is powered by best-in-class technology provided by IntercontinentalExchange (ICE) and is distributed on WebICE, the front-end to ICE’s trading platform. Since ICAP TrueQuote’s launch in OTC oils, over three million electronic orders have been submitted onto the screen, over ten million barrels have traded on the screen between twenty counterparties and one thousand trades have been entered into the system for post trade deal capture.

Henry Liddell, CEO of ICAP Shipping and a director of ICAP Energy Limited, said, “Wet freight is an obvious addition to the existing oil products available on TrueQuote. There is a strong relationship between this product and existing customers using the TrueQuote system. Adopting this technology was a natural choice given WebICE’s extensive footprint in the oil markets and ICE’s reliability as a provider. The trading of wet freight derivatives is building considerable momentum, particularly with the adoption of dollar-per-metric-tonne swaps, and the growing impact of new clearing services. ICAP Energy Limited strives continuously to enhance the service it provides to clients and now, supported by the ICAP TrueQuote screen, our brokers will continue to gain pace in the wet freight market”.

Contacts

Brigitte Trafford Director of Corporate Affairs +44 (0)20 7050 7103
Candice Adam Argentus PR +44 (0)20 7397 2915

About ICAP Energy

ICAP Energy, a division of ICAP plc, the world’s premier electronic and voice interdealer broker, is an innovative leader in the energy and shipping industries, providing full-service and over the counter broking capabilities to a broad spectrum of businesses throughout the world. The group has approximately 350 staff located in London, North America, Amsterdam, Bergen, Singapore, and Sydney. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, electricity, natural gas, coal, base and precious metals, iron ore, emission credits, freight and weather derivative and physical products. For more information go to www.icapenergy.com.

About ICAP Shipping

ICAP Shipping offers a broad spectrum of shipping services, including dry cargo and tanker chartering, sale and purchase, freight derivatives and research. The company operates out of London, Singapore, Stamford (Connecticut), Shanghai, Hamburg and Gibraltar. Additional information can be found at www.icapshipping.com.

About ICAP

ICAP is the world’s leading interdealer broker and provider of post trade risk 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 our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.

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