Published On: Fri, Dec 2nd, 2011

ICAP Adds Australian Dollar Interest Rate Options to DerivX

ICAP, the world’s leading interdealer broker, announced November 28 that it has successfully added Australian dollar interest rate options fixings to its mid-price matching platform DerivX and has executed trades during the session.

The fixing on DerivX is based on a mid-market curve set by the industry-leading Australian interest rate options desk, incorporating all market expectations including the swap curve and volatility.

Dean Berry, Regional Head of E Commerce, Asia Pacific said: “Matching sessions are evidence of ICAP’s ability to develop hybrid technologies that employ functionality that mirror established trading practices and adapt to fluid market conditions. The addition of technology has offered the voice broker a powerful ally during a time of great macro uncertainty. The combination of experienced professionals and DerivX leading edge technology, fully compliments the suite of hybrid e-commerce offerings planned for the region. Earlier this month we also launched our ICAP Energy website for the Australian green energy markets, affirming the diversity and flexibility of our hybrid product suite.”

Brad Howell, CEO, ICAP Australia, said, “This is a great success for the local business and enforces the credibility of the system from the outset. We are committed to providing our brokers with tools necessary to effectively deliver value to our clients through efficient price discovery and trade capture technologies across asset classes”

GBP and EUR interest rate options, and inflation swaps, were launched on DerivX earlier this year.

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