ICAP plc (IAP.L), the world's largest interdealer broker announced that volumes on its electronic broking platforms reached record levels of US$45.9 trillion in the third quarter of 2004, up 63% on the same period in 2003.
In the key US Treasury market, electronic volume increased by 59% over the previous year to reach US$9 trillion for the quarter. ICAP estimates that its combined voice and electronic market share overall in US Treasury products exceeded of 58% for the quarter, a significant increase from 41% in the same period in 2003.
ICAP is also firmly established as the market leader in the European and US$ repo markets where electronic broking volumes in the 3rd quarter grew significantly to reach US$17.5 trillion in Europe and US$19 trillion in North America.
Michael Spencer, ICAP's Group Chief Executive Officer said, "These record volume figures demonstrate the success of our electronic broking business across a whole range of liquid fixed income products. This also illustrates the importance of achieving critical mass on an independent platform that offers liquid products combined with the flexibility of voice broking for less liquid markets."
"Credit derivatives are the latest products to be added to the BrokerTec electronic platform and will operate alongside ICAP's voice broking businesses in some sectors. This is a rapidly growing segment where electronic trading in the credit indices is really taking off. New electronic products can be launched economically because the platform already enjoys high levels of integration with the banks' front and back office systems."