ICAP Global Broking, a division of markets operator ICAP, has expanded its electronic capabilities by unveiling TrueQuote, a new portal for buyside clients. The portal will offer multi asset class solutions over the coming months one which is a fixed income solution, CrossTrade.
As part of a partnership with fixed-income data provider, Interactive Data, CrossTrade is a workflow efficiency tool which enables buyside traders to execute cross trades at an independently determined mid-price. CrossTrade aims to deliver transparency, efficiency and standardization to the execution of cross trades, according to a press statement.
Having completed a Beta testing phase, CrossTrade is now live on TrueQuote for UK and European buyside customers including Standard Life.
In challenging market conditions and ongoing regulatory change, buy-side customers are looking for ways to improve their workflow, both from an efficiency and transparency perspective. Working in partnership with a leading provider of prices to the buy side, Interactive Data, we believe that CrossTrade is a tailored solution that solves a key problem in the market and will be the first of many services we offer on TrueQuote. We have received positive feedback for this solution from our early adopter customers and we look forward to launching innovative multi asset class solutions on TrueQuote in the coming months, said Dean Berry, CEO of eCommerce, Global Broking for ICAP.
Claudio Salinardi, managing director of Interactive Data EMEA, commented: The continued shift to electronic trading platforms requires a supply of independent, high quality data that allows users to assess quote quality and enhance price discovery. We are pleased to be working with ICAP to provide transparency and independently evaluated pricing to buy side clients, who can now execute cross trades more efficiently.
