Icor completes global roll-out of FX option platform

The New York-based company, which is 50% owned by global information services company Reuters, said 16 banks went live with the system, and claims an additional 12 banks are expected to begin trading within the next two months. It cited Mizuho Corporate Bank and Credit Lyonnais as examples of banks that are already live.

“Icor has always maintained that the market is ready for purely electronic trading,” said Jeff Larsen, chief executive of Icor Brokerage. “As word spreads from trader to trader, we are getting more clients, more installations and greater liquidity.”

The FX options platform was first launched in the Asia-Pacific region in January. This was followed in July by a European launch. Icor said over 25 banks are using the system in Asia-Pacific and more than 20 in Europe.

The trading system is based on the Reuters Dealing 3000 platform and features eight currency pairs.

Icor plans to launch an interest rate swaps trading capability in the US at the turn of the year.

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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