ICAP, a leading markets operator and provider of post trade risk mitigation and information services, have announced that it is launching Scrapbook, an anonymous, session-based e-solution for the corporate bond market. The service will be operated by ICAP’s BrokerTec MTF (Multilateral Trading Facility) under the regulated entity of BrokerTec Europe Limited leveraging the ICAP e-Commerce team.
Launching in February, the e-solution is made possible through a strategic partnership with third-party pricing and reference data provider, Interactive Data. Scrapbook customers will have access to Interactive Data’s Continuous Fixed Income Evaluated Prices, based on a methodology which incorporates both algorithmic and human analysis. This solution gives customers access to continuously updated, high quality fixed income evaluations to enhance price discovery and facilitate trade idea generation.
Access and operation
Accessed via ICAP’s web-based e-Commerce portal, Scrapbook will be powered with the latest technology, making the new front end intuitive, fully customisable and easy to configure. The solution aims to help corporate bond traders identify opportunities and manage their positions efficiently, leveraging the excellence of BrokerTec’s MTF regulated entity.
The e-Solution is run by ICAP’s Scrapbook team, part of the independently managed e-Commerce division within ICAP’s Global Broking business and separated by information security procedures to maintain customer confidentiality.
ICAP and Interactive Data quotes
Dean Berry, Head of e-Commerce, ICAP, said: “The corporate bond market has experienced reduced liquidity from a combination of increased regulatory controls and challenging market conditions. We believe that Scrapbook meets the changing needs of bond traders, offering an intuitive new solution that combines anonymity with leading technology, pricing and a regulated trade environment. We have received positive feedback from our customers and intend to grow our range of bond products offered on Scrapbook in the near future.”
Andrew Hausman, President Pricing and Reference Data, Interactive Data said: “We are delighted to partner with ICAP on this innovative solution to provide greater pre-trade price transparency and price discovery for corporate bond traders. Not only does it validate another important front-office use case for continuous evaluated pricing, it represents an important step forward in the changing landscape of the fixed income markets.