i-Swap is ICAP's award-winning electronic trading platform for OTC interest rate derivatives, offering continuous streaming support across EUR, GBP and USD Interest Rate Swaps.

i-Swap's automated matching model and implied strategy trading functionality allows ICAP to enhance its electronic liquidity through improving prices by linking liquidity in underlying swaps to liquidity in strategy orders such as spreads, butterflies, and spread-overs.

The i-Swap trading platform for interest rate derivatives enables customers to choose optimal execution methods, either through a broker or directly via the platform. The i-Swap hybrid model ensures leading liquidity, execution and transparency.

i-Swap is open to banks that are clearing members of a recognised clearing house for interest rate derivatives. Non-clearing member banks have access via ICAP’s brokers.

ICAP launched i-Swap for Euro IRS in September 2010 and since then it has experienced increasing use by market participants and seen trading activity grow. Today around a third of all ICAP’s 1 – 30 year Euro IRS trades are executed electronically through the platform.

In February 2013 ICAP launched i-Swap in the US for the trading of US Dollar (USD) IRS, and in June 2013, trading of GBP IRS was added to the platform.

ICAP’s interest rate swaps platform has a number of features that are specifically developed to reflect the trading strategies of the banks:

  • Certainty of execution ensured by pre-allocated credit allowing instant matching
  • Open Central Limit Order Book (CLOB) – matches all orders according to same priority rules
  • Multi-legged, implied matching of strategies and outright swaps with no chain limitation or legging risk
  • Single API supporting automated order, credit submission and instant risk updates
  • Trade confirmation and STP via Markitwire
  • Hybrid Liquidity Pool, combining best of voice and electronic markets for maximum execution flexibility