Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  ICAP plc    IAP   GB0033872168

ICAP PLC (IAP)

7
Delayed Quote. Delayed London Stock Exchange - 05/06 11:35:26 am
539.5 GBp   -1.37%
07:51a ICAP : April Electronic Broking Volumes Fall 6% On Year, 7% On Month
07:43a ICAP : Electronic Broking: April 2015 Volumes
05/01DJDollar Higher Against Yen, Euro Ahead of Japan Holiday
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Traiana Signs Up Six Banks To Clearing Network

03/18/2012 | 07:16pm US/Eastern

Six major banks have signed up to ICAP PLC-owned (>> ICAP plc) Traiana's clearing network, helping it to steal a march on its rivals as the foreign-exchange industry prepares for a long-awaited overhaul of regulations governing derivatives trading.

Citigroup Inc. (>> Citigroup Inc.), Bank of America Merrill Lynch (>> Bank of America Corp), Deutsche Bank AG (DB), JP Morgan Chase & Co. (>> JPMorgan Chase & Co.), Morgan Stanley (MS) and UBS AG (UBS) have signed up to the service, known as Harmony CCP Connect, Traiana said Monday.

Traiana, which provides port-trade services like credit checks and financial messaging, and helps to connect banks with trading exchanges, said Harmony CCP Connect made the clearing process simpler by providing a direct line to the clearer.

"Traiana has the connections in place to the clearing houses, clients and counterparties . . . [and] ties into our existing FX systems and processes," Andrew Coyne, head of FX prime and e-commerce product at Citigroup, said in a release.

Clearing houses LCH.Clearnet Group Ltd., IntercontinentalExchange Inc. (>> IntercontinentalExchange, Inc.), CME group Inc. (>> CME Group Inc.) and Singapore Exchange Ltd. (S68.SG) are among those to have said they will use Harmony CCP Connect.

Announced last year, Harmony CCP Connect offers trade routing, affirmation, matching, allocation and reporting for centrally cleared foreign-exchange options and non-deliverable forwards, between institutions and clearing houses, as required by the U.S. Dodd Frank Act and the European Union's European Markets Infrastructure Regulation.

Central counterparties have been written into the regulation to reduce the counterparty, systemic and credit risks associated with over-the-counter derivatives trading, in line with long-standing pledges by the Group of 20 industrialized and developing economies to bring greater stability to financial markets by the end of 2012.

Traiana's service isn't unique to the market--other providers such as Tullett Prebon PLC (>> Tullett Prebon Plc) and GFI Group Inc. (>> GFI Group Inc.) are expected to launch similar services in the coming months.

-By Alexandra Fletcher, Dow Jones Newswires; 44 20 7842 9462; alexandra.fletcher@dowjones.com @djfxtrader

React to this article
Latest news on ICAP PLC
07:51a ICAP : April Electronic Broking Volumes Fall 6% On Year, 7% On Month
07:43a ICAP : Electronic Broking: April 2015 Volumes
05/01DJDollar Higher Against Yen, Euro Ahead of Japan Holiday
04/30DJDollar Lower Against Yen After BOJ Inaction; Kiwi Down on RBNZ Decision
04/28DJDollar Barely Changed in Asia Ahead of Japan National Holiday, BOJ Meeting
04/27DJDollar Flat Against Yen Ahead of FOMC, BOJ Meetings
04/24DJDollar Unchanged Against Yen Ahead of FOMC, BOJ Meetings
04/23DJDollar Tad Lower Against Yen, New Zealand Dollar Tumbles on Rate Remarks
04/22 ICAP : Traiana wins Waters Sell Side Technology award
04/22 ICAP : i-Swap and ICAP Information Services launch ‘i-Swap History’
Advertisement
Chart
Duration : Period :
ICAP plc Technical Analysis Chart | IAP | GB0033872168 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF