ICAP to Operate Swap Execution Facility

ICAP has filed an application with Commodity Futures Trading Commission to operate a Swap Execution Facility (SEF) under a new subsidiary, ICAP SEF.

ICAP SEF will offer a venue for trading cleared and uncleared swaps and will operate markets in several asset classes including interest rate swaps, credit default swaps, equity derivatives, commodities and non-deliverable forwards. The venue can be accessed through ICAP trading applications and through approved intermediaries.

John Nixon, currently ICAP’s group executive director, Americas, has been appointed chairman, CEO and president of ICAP SEF, which will be headquartered in Jersey City, New Jersey.

“ICAP has invested heavily in technology that has permitted it to offer customers the ability to execute transactions on a fully electronic basis or with the assistance of a broker. With our expertise and experience in operating regulated markets, the quality of our technology, and the depth of our customer relationships, we look forward to our SEF serving as a leading facility for the trading of swaps in the new regulated landscape,” said Nixon.