The RFR Spain recognises the significance of the repo market as a key indicator of the secured cost of funding in Spain.” We also thank Arthur DArcy, Dan Cleaves, and Stuart Wexler from ICAP for clarifying how the BrokerTec platform works. Oliver Clark, head of product at MTS, said: “We continue to explore innovative solutions for our clients and the wider market, and the RFR Spain is the next step in the evolution of the RepoFunds Rate suite. Brokerage giant ICAP PLC shook up its electronic-trading business, handing the chief executive of its computerized currencies-trading platform responsibility over the company’s BrokerTec fixed. The addition of the Spanish repo index follows the introduction of sterling repo index rate in April 2016 for UK gilt repo.ĭaily trading volumes sit at €230 billion per day between the two groups.
Up to 6.75 million additional shares will be issued subject to the revenue performance of BrokerTec and parts of Icap’s electronic trading community (ETC) online trading system 12 months after the deal is finally signed. It follows the IOSCO principles for financial benchmarks and was developed to be the first index to fully reflect the effective cost of secured funding in key eurozone countries. ICAP Names Johnson CEO of EBS BrokerTec Profit & Loss ICAP plc (Icap), this morning announced that Seth Johnson, currently head of strategy at its global broking division, has been appointed CEO of EBS BrokerTec, taking over from outgoing CEO Gil Mandelzis who, as announced on 21 July is leaving Icap. The all-share deal will see Icap issue nearly 12 million new shares on completion. The RFR, which launched in 2012, is based on four guiding principles: it is trade backed has a transparent methodology is replicable with repo transactions and has independent governance and trade sources.
#Icap brokertec series#
RFR offers series of daily European indices covering the German, French, Italian and pan-Europe repo markets.Īccording to ICAP, each RFR index accurately reflects the effective cost of repo funding for trades executed on the BrokerTec and MTS electronic trading platforms.
The BrokerTec system will continue to meet our short- and long-term tradingĮlectronic trading in fixed income instruments continues to rise with platforms such as MarketAxess reporting substantial increases in trading volumes over the last 12 months.ICAP’s global fixed income trading platform BrokerTec has partnered with MTS, a European fixed income platform, to add a Spanish repo index to its RepoFunds Rate (RFR) indices. Given the emphasis on speed and reliability, we feel confident Happy with BrokerTec’s new system, and the switchover happened on time and Of rates and e-trading technology at Bank of America Merrill Lynch. Require the most sophisticated platforms available,” added Steve Yu, director Increased performance and greatly enhanced user experience,” said Dan Cleaves, BrokerTec was last year merged with EBS, with the combined entity.
#Icap brokertec manual#
Including both manual and API traders, will now benefit from substantially ICAP will use its own custom-built technology for BrokerTec Direct, separate from technology supplied to BrokerTec by Nasdaq. The system will retain existingįunctionality from the legacy trading system and will also incorporate built-in
#Icap brokertec upgrade#
According to ICAP, the upgrade to Brokertec will handle ten timesĪs much order volume and will decrease order input latency to 200 microsecondsįrom an average speed of 10 milliseconds. Nasdaq OMX’s Genium INET system, drastically improving the platform’s latencyĪnd capacity. Income instruments as electronic trading of the asset class continues to grow.įor completion by the end of April, BrokerTec will run on a modified version of The technology platform which supports its BrokerTec trading system for US fixed
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