Interdealer broker Icap is planning to launch an alternative stock trading platform in the second half of 2009, according to Bloomberg.
The new 'Blockcrossing' platform will function as an anonymous dark pool MTF for large volume block trading between banks and fund managers.
Icap has hired Daemon Bear, previously head of equity trading at JPMorgan Chase's asset management unit, to set up and lead the new venture. He will join the company in January
The London-based firm has made no secret of its wishes to diversify into new markets and get more involved in exchange-based trading.
Icap has applied to the Financial Services Authority to operate as a regulated market and is also planning to launch a new futures exchange in the new year.
In March, the company recruited Cathryn Lyall from the Chicago Board of Trade to head up a new position as chief operating officer of exchange projects.
In a video interview
at Finextra's Execution Management conference in October, Lyall spoke about these opportunities and the company's growing involvement in post-trade processes.Icap said to plan stock exchange rival, 'dark pool' for shares - Bloomberg