ICAP e-Commerce launches Scrapbook, an innovative e-solution for the corporate bond market
London/New York, 26 January 2015 – ICAP, a leading markets operator and provider of post trade risk mitigation and information services, announces today that it is launching Scrapbook, an anonymous, session-based e-solution for the corporate bond market.The service will be operated by ICAP’s BrokerTec MTF (Multilateral Trading Facility) under the regulated entity of BrokerTec Europe Limited leveraging the ICAP e-Commerce team.
Launching in February, the e-solution is made possible through a strategic partnership with third-party pricing and reference data provider, Interactive Data. Scrapbook customers will have access to Interactive Data’s Continuous Fixed Income Evaluated Prices, based on a methodology which incorporates both algorithmic and human analysis. This solution gives customers access to continuously updated, high quality fixed income evaluations to enhance price discovery and facilitate trade idea generation.
Accessed via ICAP’s web-based e-Commerce portal, Scrapbook will be powered with the latest technology, making the new front end intuitive, fully customisable and easy to configure. The solution aims to help corporate bond traders identify opportunities and manage their positions efficiently, leveraging the excellence of BrokerTec’s MTF regulated entity.
The e-Solution is run by ICAP’s Scrapbook team, part of the independently managed e-Commerce division within ICAP’s Global Broking business and separated by information security procedures to maintain customer confidentiality.
Dean Berry, Head of e-Commerce, ICAP, said: “The corporate bond market has experienced reduced liquidity from a combination of increased regulatory controls and challenging market conditions. We believe that Scrapbook meets the changing needs of bond traders, offering an intuitive new solution that combines anonymity with leading technology, pricing and a regulated trade environment. We have received positive feedback from our customers and intend to grow our range of bond products offered on Scrapbook in the near future.”
Andrew Hausman, President Pricing and Reference Data, Interactive Data said: “We are delighted to partner with ICAP on this innovative solution to provide greater pre-trade price transparency and price discovery for corporate bond traders. Not only does it validate another important front-office use case for continuous evaluated pricing, it represents an important step forward in the changing landscape of the fixed income markets.”
|Bryony Scragg||Communications UK||+44 20 7050 7124|
|Guy Taylor||Communications US||+1 212 341 9759|
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.
About Interactive Data
Interactive Data is a proven industry leader, providing major financial institutions and corporations worldwide with timely, high-quality independent evaluated prices to support their mission-critical operations. The Company delivers daily evaluations representing approximately 100 countries and 30 different currencies for 2.7 million financial instruments. Thousands of financial institutions worldwide, ranging from central banks to large investment banks to hedge funds, subscribe to Interactive Data’s daily evaluated pricing. Interactive Data has 2,500 employees in offices worldwide.
Pricing, evaluations and reference data are provided in the US through Interactive Data Pricing and Reference Data LLC and internationally through Interactive Data (Europe) Ltd. and Interactive Data (Australia) Pty Ltd.