ICAP’s (LON:IAP) award-winning interest rate swaps platform i-Swap, the electronic arm of the ICAP SEF, announced today another new monthly record for US Dollar interest rate swaps (USD IRS) volume in June 2014 of 588 trades (single counted), worth a notional value of $26 billion (single counted) and representing 31% of all USD IRS trades at ICAP. The previous record in May 2014 was 428 trades (single counted) worth a notional value of $17 billion (single counted) and represented 23% of all USD IRS trades at ICAP.
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Launched in September 2010, i-Swap is ICAP’s next generation IRS trading platform
Don McClumpha, CEO of i-Swap, said: “We continue to see growing signs of electronification with i-Swap, especially in the benchmark instruments of semi bond rates and spreadovers, including June’s USD transactions on i-Swap reaching 31% of overall ICAP USD volume, a material increase over last month. We remain enthusiastic about growth as we have also onboarded additional new customers in June who should add to future trading activity. I want to thank all our customers and in particular our streaming partners for their continued support.”
Laurent Paulhac, CEO of the ICAP SEF, said: “We are very pleased with the new i-Swap volume record, especially as we believe that we are picking up market share in addition to the ongoing electronification trend. It is a testimony of the fact that our clients have connected with the value proposition of our global SEF, IGDL, solving the cross border liquidity fragmentation issue, as well as ICAP’s commitment to compliance with our voice execution services fully integrated with i-Swap and the launch of our vRFQ2.0 protocol. Feedback from clients continues to be invaluable as we further enhance our services. We appreciate their engagement.”