ICAP Energy, the energy arm of ICAP plc (IAP.L), announces that, subject to regulatory approvals, it is introducing a combined voice-electronic broking service for OTC crude, fuel oil and Middle Distillate swaps. The service, ICAP TrueQuote, will offer OTC oil swap clients an innovative screen-supported voice hybrid service with execution and straight-through-processing to clearing.
ICAP TrueQuote will be powered by best-in-class technology provided by IntercontinentalExchange (ICE) and will be distributed on WebICE, the front-end to ICE's trading platform.
"Oil is the only one of the five major OTC energy-commodity markets where electronic trading is not widespread. The financial crisis has resulted in an increased focus on counterparty credit risk and understanding of the value added by electronic trading and post trade services. ICAP TrueQuote will leverage the liquidity created by ICAP's brokers and ICE's extensive technology footprint," said Paul Newman, Managing Director of ICAP Energy Ltd.