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Icap’s new system hits €10bn

first_img whatsapp whatsapp Show Comments ▼ INTER-DEALER broker Icap notched up interest rate swap (IRS) trades with a nominal value of over €10bn (£8.36bn) in the first week of trading on its electronic market.The figure represented 15 per cent of the total number of Euro IRS trades passing through the firm’s order book over the week, with 13 major banks already signed up to the system, chief executive Michael Spencer said.“By using our technology banks are able to execute trades that they would not previously have been able to match,” he added. “We expect that the volume of business will continue to grow as more banks are connected and more streaming prices are added to the platform.”Icap expects to have around 24 banks on board with the electronic system before the end of the year.It has developed the market in response to calls from regulators to improve transparency in the over-the-counter (OTC) derivatives area in the wake of the collapse of Lehman Brothers.In June, the US Congress passed its marathon bill detailing reforms to financial regulation, which included tighter rules on trading derivatives, including parking desks trading the riskier types of instruments into subsidies with their own pools of capital.The EU is also lobbying for stricter regulation of the derivatives market, arguing that more instruments should be cleared through central clearing houses to guarantee counterparty payment in the event of a future bank failure. Tags: NULL Tuesday 14 September 2010 8:57 pmcenter_img More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com KCS-content Share Icap’s new system hits €10bn Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushUndolast_img read more