Icap Readies I-swap Trading Platform, Drops Plans to Use Blackbird System
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LONDON--Interdealer broker Icap has developed a swaps trading platform, dubbed I-swap, that is being used internally at its London broking operation, say officials. The firm is using the system instead of the technology platform of independent swaps brokerage Blackbird, in which Icap has had a controversial stake.
"We will not, categorically not, use Blackbird’s technology for swaps trading," says Steve McDermott, CEO of Icap’s electronic broking division in New York.
Icap was originally expected
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