Icap Energy head: Oil broking screen a response to "regulatory times"

Interdealer brokerage Icap Energy will launch a combined voice-electronic broking service for over-the-counter (OTC) crude, fuel oil and middle distillate swaps, subject to regulatory approval. The service, entitled Icap TrueQuote, will offer straight-through processing to clearing

Until now, oil has remained the only major OTC energy market where electronic trading is not widespread.

"It seems strange that a market as big as the oil market has no electronic footprint," says Paul Newman, managing director of Icap Energy. "We're not saying this will now be an electronically traded market, but I do think adding electronic support to the existing market will be a huge factor in