ICAP’s i-Swap Platform Sets US Dollar Interest Rate Swap Volume Record in May

  ICAP’s i-Swap Platform Sets US Dollar Interest Rate Swap Volume Record in
  May

Business Wire

LONDON & NEW YORK -- June 4, 2014

i-Swap, ICAP’s award-winning electronic interest rate swaps platform, which
allows trading on the ICAP SEF, announces today that it has set a monthly US
Dollar interest rate swaps (USD IRS) volume record in May of 428 trades worth
a notional value of $17 billion, representing 23% of all USD IRS trades at
ICAP.

Don McClumpha, CEO of i-Swap, said: “Last month’s record is encouraging and
demonstrates strong US Dollar liquidity on the i-Swap platform and the
evolution toward increased electronification of the wholesale market. We
reached these levels with close engagement with our customers and our brokers
embracing an environment that is more conducive to electronic trading. In
contrast, we executed 2% of our USD IRS trades electronically in January, the
last month prior to the onset of SEF execution level requirements. We thank
our customers for their continued support and look forward to seeing i-Swap
momentum continue to build.”

Laurent Paulhac, CEO of the ICAP SEF, said: “Execution on i-Swap has grown
substantially in recent weeks and on a single day in May, 46% of all USD IRS
trades were executed electronically. The positive trend we are now seeing on
i-Swap for US Dollar IRS is encouraging and confirms that the successful
integration of our voice RFQ (vRFQ 2.0) service with our electronic CLOB
(Central Limit Order Book) creates value for our clients.Our regulatory
compliant hybrid model combined with the recent launch of our dually regulated
global SEF which solves the cross-border liquidity fragmentation issue, is
gathering solid support from our global clients. We have more work to do but
we are excited about the recent progress.”

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 May 2014 were calculated based on 20 business days. This
excludes the full day closure of the USD IRS market on 26 May 2014.

About i-Swap

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, and GBP IRS in June 2013. 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 MTF and SEF. The company is authorised and regulated by the UK
Financial Conduct Authority (FCA) as well as registered as a SEF with the
CFTC. The dual registration includes permission to operate a multi-lateral
trading facility (MTF). 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.

About ICAP

ICAP is a leading markets operator and provider of post trade risk mitigation
and information services. Group companies provide services that match buyers
and sellers in the wholesale markets in interest rates, credit, commodities,
FX, emerging markets and equity derivatives through voice and electronic
networks. Through our post trade risk and information services we help our
customers manage and mitigate risks in their portfolios. For more information,
please go to www.icap.com.

Contact:

ICAP
Serra Balls, +44 (0) 20 7050 7103
ICAP Group Head of Communications
or
Guy Taylor, +1 212 341 9759
ICAP Communications US
 
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