ICAP Energy to introduce combined voice-electronic broking platform for OTC oils and oil product derivatives - 2010 - News - In the News - News Events - ICAP.com

17.02.10

ICAP Energy to introduce combined voice-electronic broking platform for OTC oils and oil product derivatives

London, 17 February 2010 - ICAP Energy, the energy arm of ICAP plc (IAP.L), announces that, subject to regulatory approvals, it is introducing a combined voice-electronic broking service for OTC crude, fuel oil and Middle Distillate swaps. The service, ICAP TrueQuote, will offer OTC oil swap clients an innovative screen-supported voice hybrid service with execution and straight-through-processing to clearing.

ICAP TrueQuote will be powered by best-in-class technology provided by IntercontinentalExchange (ICE) and will be distributed on WebICE, the front-end to ICE’s trading platform.

“Oil is the only one of the five major OTC energy-commodity markets where electronic trading is not widespread. The financial crisis has resulted in an increased focus on counterparty credit risk and understanding of the value added by electronic trading and post trade services. ICAP TrueQuote will leverage the liquidity created by ICAP’s brokers and ICE’s extensive technology footprint,” said Paul Newman, Managing Director of ICAP Energy Ltd.

Contacts ICAP

Mike Sheard Director of Corporate Affairs +44 (0) 20 7050 7103
Candice Adam Corporate Communications +44 (0) 20 7050 7104

About ICAP Energy

ICAP Energy, a unit of ICAP plc, the world’s premier interdealer broker and provider of post trade services, is an innovative leader in the energy and shipping industries. ICAP Energy provides full-service over the counter broking to a broad spectrum of businesses throughout the world. The group has approximately 350 staff located in London, North America, Amsterdam, Bergen, Singapore, and Sydney. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, electricity, natural gas, coal, base and precious metals, iron ore, emission credits, freight and weather derivative and physical products. ICAP Energy was voted “Overall Energy Broker of the Year” in Energy Risk magazine’s 2010 rankings of the energy industry for the fifth consecutive year. For more information go to www.icapenergy.com