Icap Launches FRA-Cross, Heads For New Jersey
TRANSACTION SYSTEMS
LONDON--Icap’s FRA-Cross matching system has gone live with several banks that are using it to cross forward rate agreements automatically. In other news, the company has decided to relocate to New Jersey, as its North American headquarters and data were destroyed on Sept. 11.
FRA-Cross resolves mismatched elements of a trader’s interest rate swap book by automatically matching "resets." Banks enter their positions on Monday morning, prodded by Icap’s voice brokers, says Charlie Sabel, marketing
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