Member access

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

ICAP PLC (IAP)

6
Delayed Quote. Delayed London Stock Exchange - 04/23 04:31:35 am
413.8 GBp   +0.39%
3h agoDJDollar Edges Down After Release of Australian Price Data
1d agoDJDollar Remains Flat Against Yen As Investors Seek New Cues
2d ago ICAP : to hold seminar on Rules of Corporate Governance Tuesday
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Traiana Signs Up Six Banks To Clearing Network

03/18/2012 | 07:16pm US/Eastern
Recommend:
0

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

Recommend :
0
React to this article
Latest news on ICAP PLC
3h agoDJDollar Edges Down After Release of Australian Price Data
1d agoDJDollar Remains Flat Against Yen As Investors Seek New Cues
2d ago ICAP : to hold seminar on Rules of Corporate Governance Tuesday
2d agoDJDollar Hits 2-Week High Vs Yen After Poor Japan Trade Data
5d agoDJDollar Almost Flat in Thin Market Ahead of Holiday Weekend
6d agoDJSterling Hits Four-Year High as Hopes Grow for BOE Rate Hike
7d ago Currency probe drives bank demand for Big Brother software
04/15 Three former ICAP brokers in UK court on Libor fixing charges
04/15DJDollar Firm Against Yen, Helped by U.S. Sales Data
04/14 ICAP : launches i-Swap for Australian Dollar
Advertisement
Chart
Duration : Period :
ICAP plc Technical Analysis Chart | IAP | GB0033872168 | 4-Traders
Income Statement Evolution
ICAP plc : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF