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

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

Business Wire

LONDON & NEW YORK -- July 2, 2014

ICAP’s award-winning interest rate swaps platform i-Swap, the electronic arm
of the ICAP SEF, announces today another new monthly record for US Dollar
interest rate swaps (USD IRS) volume in June 2014 of 588 trades (single
counted), worth a notional value of $26 billion (single counted) and
representing 31% of all USD IRS trades at ICAP. The previous record in May
2014 was 428 trades (single counted) worth a notional value of $17 billion
(single counted) and represented 23% of all USD IRS trades at ICAP.

Don McClumpha, CEO of i-Swap, said: “We continue to see growing signs of
electronification with i-Swap, especially in the benchmark instruments of semi
bond rates and spreadovers, including June’s USD transactions on i-Swap
reaching 31% of overall ICAP USD volume, a material increase over last month.
We remain enthusiastic about growth as we have also onboarded additional new
customers in June who should add to future trading activity. I want to thank
all our customers and in particular our streaming partners for their continued
support.”

Laurent Paulhac, CEO of the ICAP SEF, said: “We are very pleased with the new
i-Swap volume record, especially as we believe that we are picking up market
share in addition to the ongoing electronification trend. It is a testimony of
the fact that our clients have connected with the value proposition of our
global SEF, IGDL, solving the cross border liquidity fragmentation issue, as
well as ICAP's commitment to compliance with our voice execution services
fully integrated with i-Swap and the launch of our vRFQ2.0 protocol. Feedback
from clients continues to be invaluable as we further enhance our services. We
appreciate their engagement.”

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 June 2014 were calculated based on 21 business days.

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, 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.

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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