Interdealer broker ICAP plc has begun electronic auto-trading of short term interest rate swaps called EONIAS (Euro Overnight Index Average Swaps).
EONIAS have been traded on ICAP’s i-Swap system, since the 1st of September. i-Swap is based on Computershare’s X-stream electronic trading system. Computershare Markets Technology has been a technology partner for ICAP since 2001, the date of the initial licence and development agreement for X-stream.
X-stream is currently used in more than a dozen exchanges around the world including the Istanbul Stock Exchange, Moscow Interbank Currency Exchange and the New Zealand Exchange. Earlier this month Computershare announced that the SWX Swiss Stock Exchanges would soon deploy X-stream.
Computershare X-stream simultaneously supports product classes and market models on a single platform including order and quote driven markets, call markets, negotiated markets and hybrid market models combining each of these. It allows the concurrent trading of equities and debt, futures, options, swaps and FX, and it provides strategy order trading capabilities, including implied order generation and legging-risk free execution of multi-leg strategy orders.