i-Swap

i-Swap is ICAP's award-winning electronic trading platform for OTC interest rate derivatives, providing advanced trading functionality across Dealer to Dealer and Dealer to Client markets in EUR, GBP and USD Interest Rate Swaps.

i-Swap operates a regulated Multilateral Trading Facility (MTF) for the EUR and GBP markets. In the USD market i-Swap provides the underlying technology platform to the ICAP Global Derivatives Limited Swap Execution Facility (SEF). i-Swap’s hybrid model ensures leading liquidity, execution and transparency by combining the best of voice and electronic markets..

i-Swap launched the market’s first successful Central Limit Order Book in EUR IRS in September 2010. The platform supports a range of market models with full order book trading functionality available to market makers and market users.

The i-Swap Central Limit Order Book provides dealer to dealer non-disclosed liquidity, with a hybrid model enabling maximum execution flexibility through:

  • Multi-legged, implied matching of strategies and outright swaps with no chain length limitation or legging risk
  • Price/implied chain length/time priority order-book matching
  • Full order book depth dissemination, order tradability flags and market trade history

The i-Swap Targeted Streaming (TS) market delivers private electronic order-books with disclosed market-maker liquidity tailored to each individual market user through:

  • Price/auto-accept/time priority order-book matching, with optional market-maker last look
  • Instant two-click trading with ability to override priority and trade on any order in depth
  • Resting order capability including cloned and Done-If-Touched order types
  • Request For Quote that enables MIFID II compliant, on-venue Dealer to Client trading

i-Swap platform features include:

  • Certainty of execution through pre-allocated bilateral and clearing credit matrix enabling firm pricing and instant sub-millisecond matching.
  • Open technology framework with single channel API in Java/C++ and FIX connectivity supporting automated order and credit submission, instant trade/risk updates and STP.
  • Functionally rich XFE GUI connecting over private circuit, VPN or the internet. Available as installed application or browser based distribution via webstart. RTD application for real time data feed into Excel
  • Ultra low latency exchange-based technology handling peak throughput of over 7,000 orders per second.