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Icap, Tradition Live with GBP Swaps

Inter-dealer brokers Icap and Tradition have both added Sterling interest rate swaps to their electronic trading offerings.

Icap, the world’s largest inter-dealer broker, last week started 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) trading 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 execution methods, either through a broker or directly onto the platform. The platform 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 CEO 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.”

Just days after the Icap announcement, rival firm Tradition announced that it too had added Sterling IRS to its Trad-X platform that was launched by the firm two years ago and is supported by 11 of the largest banks in the world. Trad-X also supports euro and USD IRS swaps trading.

Daniel Marcus, global head of strategy and business development at Tradition, says: “Trad-X Sterling is designed in line with market requirements and will leverage off our excellent voice broking business and proprietary technology to bring a hybrid solution to the market. We hope it follows in the footsteps of our highly successful EU and USD swap offerings.”

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