LONDON (HedgeWorld.com)–ICAP plc, the large voice and electronic interdealer broker, now accounts for volumes in excess of US$300 billion a day on the electronic side alone.
February 2004 volumes averaged US$313 billion, a 33% increase since September 2003, when average volume was US$235 billion, the company announced March 16.
“Our market share in Treasuries, both actives and off-the-run, has never been higher, and we now have critical mass liquidity in several other electronic markets cross North America, Europe and Asia,” said chief executive Michael Spencer.
ICAP, once known as Garban-Intercapital, acquired Brokertec USA LLC and Brokertec Europe Ltd. in the spring of 2003 Previous HedgeWorld Story and completed the task of cross-connecting their electronic platforms in the U.S. Treasury markets in September. The cross-connection created a combined liquidity pool with both voice and electronic access that constitutes an estimated 47% of the market share in the whole range of Treasury products (including bills, notes, bonds, strips, tips and basis trading).
ICAP also is active in the wholesale market for over-the-counter derivatives, fixed-income securities, money market products, foreign exchange, energy, credit and equity derivatives.