i-Swap - Electronic Markets - Markets - ICAP.com

i-Swap

i-Swap is ICAP's price dissemination and trade processing system for Interest Rate Swaps and Overnight Index Swaps.

Orders and trades

Orders and trades are entered by brokers and dedicated inputters onto the system, which is updated in real time to reflect information received directly from traders.

Delivery and access

i-Swap is a free service delivered over a private network. It appears as an icon on the desktop with no dedicated hardware required. Only traders who have an existing voice-brokered swap relationship with ICAP, and their supervisors, will be allowed access to the system. i-Swap is username and password protected and IP address validation is compulsory.

Technology

i-Swap is built using proven technology which is in production in some 15 sites worldwide. The central server and network are fully resilient, running on industry standard hardware and software.

Information and functionality

• Best Price market view with aggregate amounts, last checked, last amount, high/low and underlying benchmark snapshots
• Full depth of market together with amounts and order conditions
• Tracking orders that move in line with the underlying futures/cash bond markets without manual intervention
• Implied spread prices generated from their outright legs, with duration calculated amounts
• Yield curve and cross currency spreads displayed on a spread matrix
• Excel link to feed prices and information onto traders spreadsheets
• Trade book which will be enhanced in our next release with accept/reject functionality to enable STP
• Order book for traders to view all their interests in the market
• Data API for logicised price feeds
• A QuickTradeFeed API to provide the basic economic details of a trade within a minute or so of its completion over the phone
• FPML Trade Feed API - trades can be passed to a third party system should a customer require it

For further information please contact i-swap@icap.com.