ICAP, a markets operator and provider of post trade risk mitigation and information services, has begun trading in Sterling (GBP) on i-Swap, its electronic interest rate derivative platform.
This follows the 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 JP 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, says: “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.”