Interdealer broker Icap is installing Kalahari's newly-launched high-volume bond and asset swap portfolio pricing system at its Hong Kong office, enabling traders to simultaneously calculate up to 200 asset swaps in real time.
UK-based Kalahari says that currently traders are often only able to price one bond at a time using an asset swaps screen, which provides only a snapshot, but that its new system will enable traders to price up to 200 bonds and asset swaps simultaneously. Each bond priced can also be spread against a benchmark government bond of the trader's choice.
Icap Hong Kong is the first to sign up to the new system. David Wright, Asia bond broker at ICAP Hong Kong, says: "Our problem has been the time it takes to price up over 200 hundred Asian Yankee/Euro bond issues. If the market moves we have to re-price. With Kalahari's new system, each user can have up to 200 different issues pricing in real-time. This means we can service our clients more efficiently."
Kalahari says the new system builds on its flagship pricing and analytics software, kACE. Icap uses the kACE product at several locations around the world, including London, Hong Kong, Singapore, Sydney, New York, Frankfurt, Copenhagen and Bahrain.