ICAP unveils CrossTrade - a solution on its new buy side portal ‘TrueQuote’
London, New York, 10 March 2016 - ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that ICAP Global Broking has expanded its electronic capabilities by unveiling TrueQuote, a new portal for buy side clients. The portal will offer a number of multi asset class solutions over the coming months and launches with its first fixed income solution, ‘CrossTrade.’
Working in partnership with fixed-income data provider, Interactive Data, CrossTrade is a workflow efficiency tool which enables buy side customers to execute cross trades at an independently determined mid-price. The first solution of its kind, CrossTrade will bring transparency, efficiency and standardisation to the execution of cross trades.
Due to the changing regulatory environment, it has become increasingly difficult to secure efficient execution of cross trades, as such buy side customers are in need of a third party solution which allows them to obtain a fair market price within a transparent, audited trade environment. As with all significant new initiatives, ICAP has kept the relevant regulators informed regarding the development of CrossTrade. There are a number of features inbuilt in the solution to ensure that customers can holistically monitor all activity throughout the lifecycle of the transaction.
Having completed a Beta testing phase, CrossTrade is now live on TrueQuote for UK and European buy side customers including Standard Life.
Dean Berry, CEO eCommerce, Global Broking, ICAP, said: “In challenging market conditions and ongoing regulatory change, buy-side customers are looking for ways to improve their workflow, both from an efficiency and transparency perspective. Working in partnership with a leading provider of prices to the buy side, Interactive Data, we believe that CrossTrade is a tailored solution that solves a key problem in the market and will be the first of many services we offer on TrueQuote. We have received positive feedback for this solution from our early adopter customers and we look forward to launching innovative multi asset class solutions on TrueQuote in the coming months.”
Claudio Salinardi, Managing Director, Interactive Data EMEA, said: “The continued shift to electronic trading platforms requires a supply of independent, high quality data that allows users to assess quote quality and enhance price discovery. We are pleased to be working with ICAP to provide transparency and independently evaluated pricing to buy side clients, who can now execute cross trades more efficiently.”
To find out more, visit www.truequote.com.
About ICAP eCommerce
The ICAP eCommerce team works alongside the ICAP’s Global Broking division to develop the relationship between the firm and its clients. Using the hybrid eCommerce portal the team complements ICAP’s Global Broking business by providing enhanced client services to markets around the world and across a range of asset classes. The team aims to enhance the experience of customers by offering the widest choice of markets, products and execution styles with which to trade with. ICAP is a people business at its core and hybrid eCommerce is the perfect extension of the progression of our industry.
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.
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.