Parameta expands OTC data distribution deal with ICE

The TP ICAP owned data and analytics provider on Wednesday expanded its data distribution agreement with Intercontinental Exchange (ICE) to provide clients with access to over-the-counter (OTC) pricing across rates, fixed income, credit, foreign exchange and energy markets.

“Many firms want a clearer and more complete view of markets beyond the exchanges, but without adding complexity to their data infrastructure,” said Lisa Ward, Head of Channel Distribution at Parameta Solutions, in a release.

Ward added: “By combining the depth of liquidity and market expertise within TP ICAP Group with ICE’s global distribution capabilities, we are making hard-to-source OTC market data more accessible, usable and actionable. Alongside ICE’s exchange-traded data, this provides a more holistic view of market activity and supports clients in making better-informed trading decisions.”

The London-based data and analytics provider will distribute its global OTC market data through the ICE Consolidated Feed, alongside exchange-traded data already available through the service.

The agreement covers linear and non-linear rates, inflation, fixed income, credit, FX, FX options, money markets and energy.

Parameta's data is sourced from TP ICAP's interdealer broking operations, including ICAP, Tullett Prebon and PVM, and is intended to provide greater visibility into pricing and liquidity across OTC markets.

Parameta has also expanded its OTC data and analytics offering this year. In June, the firm launched a trading analytics platform with United Overseas Bank (UOB), combining independently sourced OTC market data with analytics across fixed income, foreign exchange and rates as it sought to expand its offering in the Asia-Pacific region.

ICE combines OTC and exchange data

The ICE Consolidated Feed aggregates more than 600 data streams into a normalised format and is used by banks, asset managers, hedge funds, independent software vendors and data redistributors.

The service covers equities, derivatives, fixed income, foreign exchange, money markets, commodities, energy and exchange-traded funds.

Under the expanded agreement, ICE clients will be able to access Parameta's streaming OTC pricing and market intelligence through the same feed as other market data, allowing the information to be incorporated into existing workflows.

Parameta and ICE said the expanded distribution relationship is intended to improve access to market data across both OTC and exchange-traded markets.

The expanded agreement comes as TP ICAP continues to invest in its data and technology business. In August, group chief executive Nicolas Breteau said the firm planned to target medium-term growth across OTC markets, data and technology, while Parameta Solutions was using artificial intelligence to develop new products from TP ICAP’s proprietary OTC datasets.

Also last month, Parameta chief executive Silvina Aldeco-Martinez said the data business had accelerated during the second quarter as its pipeline of new products gained traction.

“Parameta had a stronger Q2 than Q1, and that's as a result of the pipeline that we have been building from December of last year through the whole of Q1 and executed strongly in Q2,” she said at the time.