ICAP’s i-Swap sets third consecutive monthly volume record for US Dollar interest rate swaps
London/New York, August 1, 2014 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that July was another record month for ICAP’s i-Swap platform, the electronic arm of the ICAP SEF. Record US Dollar interest rate swaps (USD IRS) volume of 859 trades was achieved, worth a notional value of $41 billion and representing 40% of all USD IRS trades at ICAP (all single counted).
i-Swap set previous monthly volume records in June 2014 of 588 trades, worth a notional value of $26 billion and representing 31% of all USD IRS trades at ICAP, as well as a May 2014 record of 428 trades worth a notional value of $17 billion and representing 23% of all USD IRS trades.
Laurent Paulhac, CEO of the ICAP SEF, said: “In addition to the record i-Swap volumes, the ICAP SEF also saw additional growth in market share as we continue to drive more seamless integration between i-Swap’s Central Limit Order Book (CLOB) and our voice-based vRFQ 2.0 execution services. We are particularly pleased with the very material increases in business in butterflies, switches and outrights across our voice and electronic platforms. We thank our customers for their continued support for helping to build i-Swap momentum.”
Don McClumpha, CEO of i-Swap, said: “This is the third consecutive month i-Swap volumes have continued their climb upwards, breaking yet another volume record as well as showing increased electronification of USD IRS trading. This is in stark contrast to the 2% of USD IRS SEF trades executed electronically in January. We are very excited that the SEF’s customers have embraced our i-Swap technology, in which we continue to invest.”
|Serra Balls||Group Head of Communications||+44 (0) 20 7050 7103|
|Guy Taylor||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 July 2014 were calculated based on 22 business days.
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, GBP IRS in June 2013, and AUD IRS in April 2014. 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 SEF. The company is authorised and regulated by the UK Financial Conduct Authority (FCA) as well as registered as a SEF with the CFTC. 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 (non-deliverable 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. 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.