Icap Moves to Replace ETC with Brokertec’s Platform
CONNECTIVITY
LONDON--London-based broker Icap is to replace its in-house developed Electronic Trading Community (ETC) trading system --at least in part--with Brokertec’s OM-based platform if it buys the Jersey City, N.J.-based bond trading consortium. Icap last week confirmed it has signed a letter of intent to buy Brokertec’s core bond trading business in a deal valued at up to $240 million. The deal excludes Brokertec’s Futures Exchange and clearing business.
But Steve McDermott, CEO of electronic broking
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