UK-based interdealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter, said Icap officials, reports Risknews’ sister publication, Trading Technology Week .Icap, already the largest global voice and electronic broker in most major cash bond and many over-the-counter derivatives products, intends to complement and compete against the e-trading offerings of the four major futures exchanges – the Chicago Board of Trade, the Chicago Mercantile Exchange (CME), Euronext.liffe and Eurex – said Humphrey Percy, global head of futures at Icap.
The main advantage for users, said Icap, will be the ability to trade futures against underlying cash securities on the same platform.
"We already have [futures] execution and clearing business in Wellington [New Zealand], Sydney and London, and we intend to expand into North America," Percy said.
Icap has also appointed Jim McNulty, the former president and chief executive officer of the CME who oversaw the exchange's changeover from a trader-owned to a publicly owned company, as a non-executive director.
More on Exchanges
China exchange developing technique to reduce margin requirements
Significant global players not on list to join Shanghai Clearing House
Taiex futures set to be followed by other products
New equity options on two exchanges
Sign up for Risk.net email alerts
Nominated for two technology awards
Nominated for post trade technology award
Sponsored webinar: Collateral and counterparty tracking
Isda directors warn on fragmentation, access and liquidity - but expect problems to pass
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.