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Daily electronic broking volumes handled by ICAP, the world's premier interdealer broker, exceeded USD1trn on both June 7 and 8, the second time this year that activity on ICAP's electronic platforms has reached these levels after the market turbulence in late February and early March.

According to ICAP, highly volatile market conditions are driving volume growth on ICAP's spot foreign exchange platform EBS and fixed income platform BrokerTec. A total of USD259bn in U.S. Treasury products changed hands on the BrokerTec platform on Thursday, June 7.

The following day the total volume on the EBS platform in spot foreign exchange was USD253bn. European repo trading on BrokerTec also reached record levels of EUR261bn at the end of May.

In addition, voice broking volumes in the global interest rate swap market have also risen dramatically on the back of the market volatility. On June 7, ICAP's voice broking volumes in interest rate swaps exceeded EUR280bn. The exceptional level of volatility over the past week is widely believed to have been driven by interest rate rises and corresponding increases in bond yields.

The ICAP group is active in the wholesale markets in interest rates, credit, energy, foreign exchange and equity derivatives, with an average daily transaction volume in excess of USD1.5trn, more than 50 per cent of which is electronic.


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