ICAP Launches Multi-Asset CrossTrade Solution

The launch will see the implementation of ICAP’s ‘CrossTrade,’ a fixed income solution on the TrueQuote portal.

ICAP plc (IAP.L), a markets operator and provider of post-trade risk mitigation services, announced today that its ICAP Global Broking unit has launched a new comprehensive portal for buy-side clients, tapped TrueQuote, according to an ICAP statement.

The launch will see the implementation of ICAP’s ‘CrossTrade,’ a fixed income solution that is the first in a line of new developments over multiple asset class solutions scheduled for the next few months. TrueQuote is the overarching portal that will encompass these solutions, which was developed in tandem with fixed-income data provider, Interactive Data.

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CrossTrade acts as a workflow efficiency tool helping enable buy-side customers to execute cross trades at an independently determined mid-price. The portal is important for market participants, namely in regard to meeting regulatory obligations and the inherent difficulties of secure efficient execution of cross trades.

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CrossTrade recently completed a Beta testing phase, which consequently paved the way for going live on TrueQuote for UK and European buy side customers.

According to Dean Berry, Chief Executive Officer (CEO) eCommerce, Global Broking, ICAP, in a recent statement on the launch: “In challenging market conditions and ongoing regulatory change, buy-side customers are looking for ways to improve their workflow, both from an efficiency and transparency perspective.”

“Working in partnership with a leading provider of prices to the buy side, Interactive Data, we believe that CrossTrade is a tailored solution that solves a key problem in the market and will be the first of many services we offer on TrueQuote. We have received positive feedback for this solution from our early adopter customers and we look forward to launching innovative multi asset class solutions on TrueQuote in the coming months,” he added.

“The continued shift to electronic trading platforms requires a supply of independent, high quality data that allows users to assess quote quality and enhance price discovery. We are pleased to be working with ICAP to provide transparency and independently evaluated pricing to buy side clients, who can now execute cross trades more efficiently,” noted Claudio Salinardi, Managing Director, Interactive Data – EMEA, in an accompanying statement.

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