ICAP launches i-Swap in Sterling

London, June 3, 2013 – ICAP (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces that it today begins trading in Sterling (GBP) on i-Swap, its electronic interest rate derivative platform. This follows the successful launch of i-Swap in the US in Dollars in February 2013. Euro Interest Rate Swaps (IRS) was launched on i-Swap in September 2010.

As with Euro IRS and US Dollar IRS, i-Swap’s shareholding banks – Citigroup, Bank of America Merrill Lynch, Barclays, Deutsche Bank and J.P. Morgan – will support the platform with streaming prices.

The i-Swap trading platform is for interest rate derivatives and enables customers to choose optimal execution methods, either through a broker or directly onto the platform. i-Swap is open to banks that are clearing members of a recognised clearing house for interest rate derivatives. Non-clearing member banks will continue to have access via ICAP’s brokers.

Michael Spencer, Group Chief Executive Officer of ICAP, said: “We are delighted to be launching our i-Swap platform in yet another major currency and we look forward to replicating the success of i-Swap in US Dollars and Euros. The next step will be the launch in Australian dollars which we expect to announce later this year.”


Alex Dee Head of Investor Relations +44 (0)20 7050 7123
Serra Balls Head of Public Relations  +44 (0)20 7050 7124

Notes to editors
ICAP’s interest rate derivative platform has a number of features that are specifically developed to reflect the trading strategies of the banks:

  • Certainty of execution ensured by pre-allocated credit allowing instant matching
  • Open Central Limit Order Book (CLOB) – matches all orders according to same priority rules
  • Multi-legged, implied matching of strategies and outright swaps with no chain limitation or legging risk
  • Single API supporting automated order, credit submission and instant risk updates
  • Trade confirmation and STP via Markitwire
  • Hybrid Liquidity Pool, combining best of voice and electronic markets for maximum execution flexibility

About i-Swap
i-Swap is ICAP's award-winning electronic trading platform for OTC interest rate derivatives, offering continuous streaming support across Euro, USD, and Sterling Interest Rate Swaps. 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.

About ICAP
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.