The broker has seen volume move from its US system to its European equivalent
Icap, the world’s top inter-dealer broker, has
seen a marked shift in rates trading from its US-based swap
execution facility (Sef) to its new London-based equivalent,
reflecting the regulatory inconsistency between the
Data from consultant Clarus Financial shows Icap US SEF had
interest rate swap volume of $118bn at the start of May,
equating to a quarter of all Sef activity, which made
Icap’s the most successful of the new breed of
swap trading venue.
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