London and New York - ICAP, the provider of post trade risk mitigation and information services, has announced that ICAP Global Broking has expanded its electronic capabilities with TrueQuote, a new portal for buy side clients. The portal will offer a number of multi asset class solutions over the coming months and launches with its first fixed income solution, CrossTrade.
Working in partnership with fixed-income data provider, Interactive Data, CrossTrade is a workflow efficiency tool which enables buy side customers to execute cross trades at an independently determined mid-price.
Due to the changing regulatory environment, it has become increasingly difficult to secure efficient execution of cross trades, as such buy side customers are in need of a third party solution which allows them to obtain a fair market price within a transparent, audited trade environment. As with all significant new initiatives, ICAP has kept the relevant regulators informed regarding the development of CrossTrade. There are a number of features inbuilt in the solution to enable customers to holistically monitor all activity throughout the lifecycle of the transaction.
Having completed a Beta testing phase, CrossTrade is now live on TrueQuote for UK and European buy side customers including Standard Life.
Dean Berry, CEO eCommerce, Global Broking, ICAP, said: "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."
Claudio Salinardi, Managing Director, Interactive Data EMEA, said: "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."