ICAP plc (LON:IAP), a leading markets operator and provider of post trade risk mitigation and information services, announces today that its i-Swap platform, the electronic arm of the ICAP SEF, set a monthly AUD interest rate swaps volume record in October of 107 trades worth a notional value of AUD $6.1 billion.
Brad Howell, CEO of ICAP Australia, said: “As Global Regulatory directives drive changes to market structure we are constantly looking at ways to enhance service provision to our AUD client base in interest rate derivatives. The provision of hybrid execution services utilising i-Swap allows greater flexibility for our clients and introduces electronic trading into the AUD market for the first time.”
Don McClumpha, CEO of i-Swap, said: “Our i-Swap platform is a hybrid model that successfully combines voice and electronic markets and ensures our customers receive the best access to liquidity and execution. i-Swap continues to make impressive inroads including this month’s AUD interest rate swaps monthly record and I want to thank all our customers for their support.”
The i-Swap Central Limit Order Book (CLOB) has been live since April 2, 2014. i-Swap set previous monthly US Dollar interest rate swaps (USD IRS) volume records in: July 2014 of 859 trades, worth a notional value of $41 billion and representing 40% of all USD IRS trades at ICAP (all single counted); June 2014 of 588 trades, worth a notional value of $26 billion and representing 31% of all USD IRS trades at ICAP; and May 2014 of 428 trades worth a notional value of $17 billion and representing 23% of all USD IRS trades.