ICAP has launched an electronic bond platform to service wholesale market participants in the Indian corporate debt sector.
The platform was officially opened by Indian Finance Minister P Chidambaram at a ceremony in Mumbai.
ICAP gained approval for an electronic broking system from the Securities Exchange Board of India in November 2007 and has since moved quickly to deliver a solution to the market.
“We are delighted to be in a position to extend ICAPs proven global technologies to Indias corporate debt market participants and believe this will prove a major catalyst towards the SEBIs goal of increasing liquidity and efficiencies in the burgeoning marketplace,” says Manish Sabharwal, CEO, ICAP India.
Finance Minister P Chidambarams recent Union Budget highlighted measures important to the development of a robust domestic corporate bond market. These measures will enhance investment, benefit Indian companies, and improve the availability of finances for infrastructure development.
“The Indian markets are a key focus for our expansion across the region. ICAP will continue to invest and deliver the worlds leading technologies to OTC market participants to increase liquidity and further facilitate innovation,” says Don McClumpha, deputy CEO, ICAP Asia-Pacific.
The market is expecting further reforms aimed at streamlining issuance procedures and boosting liquidity such as the borrowing and lending of securities. ICAP has combined voice and electronic services in securities markets to enhance price discovery and trade opportunity for market participants and has built a strong position in repo markets globally.