ICAP Launches Multi-Asset CrossTrade Solution

ICAP plc (IAP.L), a markets operator and provider of post-trade risk mitigation services, announced today that its ICAP Global Broking unit has launched a new comprehensive portal for Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term clients, tapped TrueQuote, according to an ICAP statement.

The launch will see the implementation of ICAP’s ‘CrossTrade,’ a fixed income solution that is the first in a line of new developments over multiple asset class solutions scheduled for the next few months. TrueQuote is the overarching portal that will encompass these solutions, which was developed in tandem with fixed-income data provider, Interactive Data.

CrossTrade acts as a workflow efficiency tool helping enable buy-side customers to execute cross trades at an independently determined mid-price. The portal is important for market participants, namely in regard to meeting regulatory obligations and the inherent difficulties of secure efficient Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of cross trades.

CrossTrade recently completed a Beta testing phase, which consequently paved the way for going live on TrueQuote for UK and European buy side customers.

According to Dean Berry, Chief Executive Officer (CEO) eCommerce, Global Broking, ICAP, in a recent statement on the launch: “In challenging market conditions and ongoing regulatory change, buy-side customers are looking for ways to improve their workflow, both from an efficiency and transparency perspective.”

“Working in partnership with a leading provider of prices to the buy side, Interactive Data, we believe that CrossTrade is a tailored solution that solves a key problem in the market and will be the first of many services we offer on TrueQuote. We have received positive feedback for this solution from our early adopter customers and we look forward to launching innovative multi asset class solutions on TrueQuote in the coming months,” he added.

“The continued shift to electronic trading platforms requires a supply of independent, high quality data that allows users to assess quote quality and enhance price discovery. We are pleased to be working with ICAP to provide transparency and independently evaluated pricing to buy side clients, who can now execute cross trades more efficiently,” noted Claudio Salinardi, Managing Director, Interactive Data – EMEA, in an accompanying statement.