Interdealer broker Icap has announced it will operate a new anonymous, session-based platform for corporate bonds trading, dubbed Scrapbook.
Launching in February, Scrapbook will be offered through Icap’s BrokerTec MTF (multilateral trading facility) under the regulated entity of BrokerTec Europe Limited, leveraging the IDB's independently-managed e-Commerce team based in London.
The solution was also built via a strategic partnership with third-party pricing and reference data provider Interactive Data (IDC). Scrapbook customers will have access to IDC's Continuous Fixed Income Evaluated Prices, based on a methodology which incorporates both algorithmic and human analysis.
“The corporate bond market has experienced reduced liquidity from a combination of increased regulatory controls and challenging market conditions," says Dean Berry, head of e-Commerce at Icap. "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."
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