ICAP Sets Own Volume Record for USD Interest Rate Swaps

i-Swap, ICAP’s electronic interest rate swaps platform, which allows trading on the ICAP SEF, has set a monthly U.S. Dollar interest rate swaps (USD IRS) volume record in May with 428 trades worth a notional value of $17 billion.
By Jake Safane(2147484770)
i-Swap, ICAP’s electronic interest rate swaps platform, which allows trading on the ICAP SEF, has set a monthly U.S. Dollar interest rate swaps (USD IRS) volume record in May with 428 trades worth a notional value of $17 billion.

The i-Swap trades represented 23% of all USD IRS trades at ICAP for the month, as more activity has moved to the electronic platform.

“In contrast, we executed 2% of our USD IRS trades electronically in January, the last month prior to the onset of SEF execution level requirements,” says Don McClumpha, CEO of i-Swap.

Laurent Paulhac, CEO of the ICAP SEF, adds: “Execution on i-Swap has grown substantially in recent weeks and on a single day in May, 46% of all USD IRS trades were executed electronically. The positive trend we are now seeing on i-Swap for U.S. Dollar IRS is encouraging and confirms that the successful integration of our voice RFQ (vRFQ 2.0) service with our electronic CLOB (Central Limit Order Book) creates value for our clients. Our regulatory compliant hybrid model combined with the recent launch of our dually regulated global SEF which solves the cross-border liquidity fragmentation issue, is gathering solid support from our global clients. We have more work to do but we are excited about the recent progress.”

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