i-Swap - Electronic Markets - Markets - ICAP.com

i-Swap

i-Swap is ICAP's trading platform for OTC interest rate derivatives. The system supports trading in Interest Rate Swaps, Overnight Index Swaps, Forward Rate Agreements, Single and Cross-currency basis swaps.

Since its inception in 2001, the platform has been used in the trade processing and s.t.p of ICAP's voice business and is currently live across 19 currencies.

A market display service is also available in EUR providing a real time view of ICAP's voice orders, trades and volumes in outright swaps, spreads butterflies and futures crosses.

i-Swap also supports electronic trading in EONIA, EUR Swaps and Futures crosses and Fra Fixings. Key features being:

• automated instant matching using centralised credit limits providing speed and certainty of execution
• strategy trading of spreads, butterflies and futures crosses
• multi legged implied matching of strategies with no chain length limitation or legging risk
• full order-book functionality including trader or broker entry, credit painting , implied order interrogation, One Cancels Other, min fill/AON, Iceberg, referred, anonymous and shared orders.
• private, public and bilateral trade work up.
• An open API supporting automated order and credit submission, and market data subscription
• instant trade confirmation and STP via Marketwire

i-Swap's automated matching model and implied strategy trading functionality allows ICAP to enhance its electronic liquidity through improving prices by linking liquidity in underlying swaps to liquidity in strategy orders such as spreads, butterflies, spread-overs and futures crosses.

For further information please contact i-swap@icap.com.