ICAP reports record volumes in third consecutive month for i-Swap service

Post trade risk mitigation and information services conglomerate ICAP plc (IAP.L) has today announced that July was another record month for ICAP’s i-Swap platform, the electronic arm of the ICAP SEF. Record US Dollar interest rate swaps (USD IRS) volume of 859 trades was achieved, worth a notional value of $41 billion and representing 40% of all USD IRS trades at ICAP (all single counted).

i-Swap set previous monthly volume records in June 2014 of 588 trades, worth a notional value of $26 billion and representing 31% of all USD IRS trades at ICAP, as well as a May 2014 record of 428 trades worth a notional value of $17 billion and representing 23% of all USD IRS trades.

Laurent Paulhac, CEO of the ICAP SEF, said: “In addition to the record i-Swap volumes, the ICAP SEF also saw additional growth in market share as we continue to drive more seamless integration between i-Swap’s Central Limit Order Book (CLOB) and our voice-based vRFQ 2.0 execution services (RFQ standing for request for quote). We are particularly pleased with the very material increases in business in butterflies, switches and outrights across our voice and electronic platforms. We thank our customers for their continued support for helping to build i-Swap momentum.”

Don McClumpha, CEO of i-Swap, said: “This is the third consecutive month i-Swap volumes have continued their climb upwards, breaking yet another volume record as well as showing increased electronification of USD IRS trading. This is in stark contrast to the 2% of USD IRS SEF trades executed electronically in January. We are very excited that the SEF’s customers have embraced our i-Swap technology, in which we continue to invest.”

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