ICRV

Global Rates Execution

Navigate Global Markets with Confidence

ICAP Relative Value (ICRV) is your dedicated global partner for expert execution. Operating around the clock, our team of 30 highly experienced professionals, strategically located, possesses a long and successful track record serving clients in US Treasuries (USTs), Futures and Options markets.

We specialise in executing complex, multi-leg synthetic strategies – including Basis, Curve, Flies, Teds and Calendar Rolls – tailored precisely to your needs or based on proprietary ICRV house builds. Critically, we operate solely on behalf of our clients, carrying no proprietary risk, ensuring our interests are aligned with yours.

Why Partner with ICRV?

Our Core Strengths:

Sophisticated Tools

Leverage advanced tools for optimal trade construction and discreet dynamic execution.

Extensive Liquidity Pools

Tap into extensive liquidity pools, including exclusive platforms and internal matching opportunities.

Multiple Channels 

Connect and manage your orders through multiple convenient channels, including our dedicated platform.

Market Edge 

Gain a market edge with our proprietary data and expert commentary.

Efficient Processing 

Benefit from automated post-trade processing.

Advanced Technology and Execution

Optimised Execution Through Innovation

Our technology infrastructure is designed for precision, speed, efficiency, and minimal market impact:

  • Proprietary Strategy Engine: Constructs, links, and weights products within your strategies for tight pricing and efficient execution paths. ICRV SOR logic sources the best combinations and achieves passive fills where viable.
  • Dynamic Execution Logic: Adapts execution parameters in real-time based on order specifics and live market conditions like liquidity and volatility.
  • Specialised Execution Capabilities: Handles off-the-run instruments, exchange-traded options, and offers outright execution algorithms (e.g., TWAPs).
  • Ultra-Low Latency: Achieve minimal latency with technology co-located directly at exchange servers.
  • Sophisticated Algorithms: Designed for basis execution, STIR/TED/Strip strategies, and roll execution, including automated carry adjustments for GTC UST orders.

Unparalleled Liquidity and Access

Deep Liquidity Pools for Optimal Fills

Access extensive liquidity across global markets: 

  • Smart Order Routing (SOR): Aggregates liquidity from over 10 destinations, including major lit and dark venues, ensuring your orders interact with the broadest possible pool.
  • Unparalleled UST Liquidity: Offers uniquely advantageous pricing increments on benchmark USTs, powered by top-tier liquidity providers. Market feedback consistently confirms our integrated execution capabilities deliver a leading source of UST benchmark liquidity.
  • Internal Order Flow Matching: Leverages substantial daily flows for optimal execution.
  • High-Volume Execution: Handles substantial volumes (billions in USTs and hundreds of thousands of futures contracts) for global financial institutions.
  • Bespoke Off-the-Run Strategy Execution: Leveraging deep liquidity pools, our team provides bespoke execution using expertise in off-the-run and CTD basis trading. Informationally barriered from other TP ICAP desks ensures robust client anonymity.

Flexible Order Placement & Client Access

Connect and Execute Your Way

Insightful Analytics & Reporting

Market Intelligence to Inform Your Strategy and Navigate Market Trends.

Post-Trade Solutions

Efficient and Automated Processing

Off-the-Run Expertise

Sophisticated Execution for Non-Benchmark Instruments

We offer multiple secure and efficient ways to place your orders via:

  • Voice
  • Bloomberg Chat
  • FIX order routing
  • SFTP file drops.

Exclusive Order Routing Platform
ICRV clients gain access to our powerful web-based application.

  • Access all ICRV strategies: Standard and bespoke.
  • Advanced Charting: With real-time tick data.
  • Access ICRV used execution algorithms directly.
  • Execute via yield or price index.

Gain valuable insights from ICRV's proprietary analytics and market experts:

  • Daily Market Insights: Receive timely, expert market commentary and strategic analysis, informed by proprietary modelling and flow analysis.
  • Rolls Analysis: Understand fixed income roll dynamics with specialised analysis and commentary.
  • Transaction Cost Analysis (TCA): Enhance execution quality with comprehensive TCA reporting. We help you measure performance against benchmarks, providing actionable insights focused on continuous improvement, supported by our expert team and ongoing technological investment.

Streamline your workflow after execution:

  • End-of-day Trade Reconciliation: Automatically via SFTP or Email.
  • FIX Connectivity: For seamless Straight Through Processing (STP) post-trade operations, from execution to clearing.

Our dedicated UST Off-The-Run/CTD Basis team specialises in crafting and executing bespoke strategies, tailored to your specific objectives, such as maturity-weighted butterflies, and switches with curve overlays.) 

Through deep liquidity pools and internal ICRV sources, combined with our execution algorithms, we deliver your desired structure. We ensure robust client anonymity, operating distinctly from other desks within ICAP.

Contact Us

Ready to Enhance Your Execution?

Contact the ICRV team today to discuss your specific requirements and learn how our 24-hour service, expertise, technology, and liquidity access can benefit your trading strategy.

Phone: UK: +44 (0)20 7532 3620
Phone: US: +1-212-208-2046
Phone: SING: +65 6831 0405
ICRV.Enquiry@tpicap.com