The purpose of this Market Notice is to advise that TP ICAP has undertaken a review of its screens and seeks to notify stakeholders that ICAPZAR Reset rate will cease publication from 31 December 2023.

This decision has been taken in light of a review of our wider publications and suitability of reference rates.

This communication provided by TP ICAP plc and/or one of its group companies (“TP ICAP”) is for informational purposes only. All representations and warranties are expressly disclaimed. In no circumstances will TP ICAP be liable for any indirect or direct loss, or consequential loss or damages including without limitation, loss of business or profits arising from the use of, any inability to use, or any inaccuracy in the information contained in this communication.

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For further information, please visit us at:

www.icap.com

Or contact us on:

EMEA: +44 (0)207 200 7000 

ICAP Interdealer Broker (IDB)

ICAP is a leading markets operator and provider of post trade risk mitigation and information services.

TP ICAP Group plc (TP ICAP), a world-leading provider of market infrastructure, today announced a record trading day on its eRepo order book. On 7 September 2023, the platform reported £100bn of volume traded in one day. 

eRepo is a fully electronic order book, designed to help market participants manage the high volume demands of the European repo market. The platform has grown significantly over the last 12 months. September month-to-date average daily volume (ADV) is up 180% compared to September ADV in 2022, driven by major participants signing up to eRepo’s competitive Fixed Rate fee schedule. 

Nichola Hunter, Global Head of Fixed Income Sales and Trading at TP ICAP said: “We are proud of achieving this milestone, which we believe demonstrates two things: One, that eRepo has firmly positioned itself as the alternate execution venue for UK Gilts and European Government debt. And two, that the market needs two viable and liquid order books. With one, the market has no redundancy; and with more than two, we risk fragmentation and a poor liquidity experience.” 

In the coming months, eRepo plans to roll out a new web-based front end via TP ICAP’s award-winning Fusion platform. This will introduce new feature functionality, along with improved navigation and deployment capabilities.

                                                                                  ENDS

About TP ICAP Group plc

Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets.

We are a world-leading provider of liquidity and data solutions, with a portfolio of businesses that provide broking services, data & analytics, and market intelligence that are trusted by clients globally

We operate from more than 60 offices across 28 countries, supporting brokers with award-winning technology.
 

Media Contacts:

Richard Newman | +44 7469039307 | richard.newman@tpicap.com

H Advisers/Maitland | +44 207 379 5151 | tpicap-maitland@maitland.co.uk
 

Changes have been made to the ICAP EU OTF Rulebook as follows:

• Segment MIC modification:
  • Creation of a new segment MIC dedicated to Trade Registration (prearranged transactions): ‘ICOR’. The aim is to transfer all trade registration activity from TP ICAP EU MTF to ICAP EU OTF and Tullett Prebon Europe OTF, with the exception of cash equity and ETFs;
  • Once the transfer of pre-arranged transactions from the TP ICAP EU MTF to ICAP EU OTF and Tullett Prebon Europe OTF is effective, the segment MIC ‘TPIR’ of TP ICAP EU MTF will be deleted;
• Removal of all negotiation systems other than ‘Voice’;
• Replacement of the notion of ‘Self Clearing’ by that of ‘Self Facilitation’, with TP ICAP EUROPE (SA) now acting as Matched Principal Facilitator in accordance with point (2) of article 20 of Directive 2014/65/EU for the purposes of preserving the anonymity of transactions relating to Fixed Income activities;
• Deletion of the notions of ‘Package Orders’ and of ‘Package Transactions’;
• Reduction from six to three of the number of pre-trade transparency waivers:
  • Removal of the waiver ‘Orders held in an order management system (for iceberg orders) (OMF)’;
  • Removal of the waiver ‘Orders for the purpose of executing a physical exchange (EFP Waiver)’;
  • Removal of the waiver ‘Package Orders’ (Package Order Waiver);
  • Non-Equity - Large In Scale waiver update: MIFIR Art.9(1)(a);
  • Non-Equity - Illiquid waiver update: MIFIR Art.9(1)(c);
  • Non-Equity - SSTI waiver update: MIFIR Art.9(1)(b);
• Reduction from five to three of the number of post-trade transparency waivers:
  • Removal of the deferrals ‘Other’ and ‘Package Orders’ - MIFIR Art.11(3)(b) and 11(3)(c) & RTS 2 Art.(1)(d);
  • Non-Equity - Large In Scale deferral update: MIFIR Art.11(1)(a);
  • Non-Equity - Illiquid update: MIFIR Art.11(1)(b);
  • Non-Equity - SSTI deferral update: MIFIR Art.11(1)(c);
• Removal of CDS (C8) and Emission Allowances (C11) from the asset classes traded;
• TP ICAP EUROPE (SA) address updated in section 24: "Contact Details". The new address is now: 42 rue de Washington - 75008 Paris.

FOR MORE INFORMATION PLEASE VISIT WEBSITE:

ICAP EU OTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them In the ICAP EU OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:
ICAP EU OTF

Post:

TP ICAP (Europe) S.A.,
42 rue Washington
75008 Paris
France

Changes have been made to the Tullett Prebon Europe OTF Rulebook as follows:

• Segment MIC modification:
  • Creation of a new segment MIC dedicated to Trade Registration (prearranged transactions): ‘TPER’. The aim is to transfer all trade registration activity from TP ICAP EU MTF to Tullett Prebon Europe OTF and ICAP EU OTF, with the exception of cash equity and ETFs;
  • Once the transfer of pre-arranged transactions from the TP ICAP EU MTF to Tullett Prebon Europe OTF and ICAP EU OTF is effective, the segment MIC ‘TPIR’ of TP ICAP EU MTF will be deleted;
• Removal of all negotiation systems other than ‘Voice’;
• Replacement of the notion of ‘Self Clearing’ by that of ‘Self Facilitation’, with TP ICAP EUROPE (SA) now acting as Matched Principal Facilitator in accordance with point (2) of article 20 of Directive 2014/65/EU for the purposes of preserving the anonymity of transactions relating to Fixed Income activities;
• Deletion of the notions of ‘Package Orders’ and of ‘Package Transactions’;
• Reduction from six to three of the number of pre-trade transparency waivers:
  • Removal of the waiver ‘Orders held in an order management system (for iceberg orders) (OMF)’;
  • Removal of the waiver ‘Orders for the purpose of executing a physical exchange (EFP Waiver)’;
  • Removal of the waiver ‘Package Orders’ (Package Order Waiver);
  • Non-Equity - Large In Scale waiver update: MIFIR Art.9(1)(a);
  • Non-Equity - Illiquid waiver update: MIFIR Art.9(1)(c);
  • Non-Equity - SSTI waiver update: MIFIR Art.9(1)(b);
• Reduction from five to three of the number of post-trade transparency waivers:
  • Removal of the deferrals ‘Other’ and ‘Package Orders’ - MIFIR Art.11(3)(b) and 11(3)(c) & RTS 2 Art.(1)(d);
  • Non-Equity - Large In Scale deferral update: MIFIR Art.11(1)(a);
  • Non-Equity - Illiquid update: MIFIR Art.11(1)(b);
  • Non-Equity - SSTI deferral update: MIFIR Art.11(1)(c);
• Removal of CDS (C8) and Emission Allowances (C11) from the asset classes traded;
• TP ICAP EUROPE (SA) address updated in section 24: "Contact Details". The new address is now: 42 rue de Washington - 75008 Paris.

FOR MORE INFORMATION PLEASE VISIT WEBSITE:

TULLETT PREBON EU OTF

Capitalised terms used in this Market Notice shall have the meaning ascribed to them In the Tullett Prebon Europe OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:

TULLETT PREBON EU OTF

Post:

TP ICAP (Europe) S.A.,
42 rue Washington
75008,  
Paris, France

Parameta Solutions, a world leading provider of over-the-counter (OTC) market and transactional data, is pleased to announce the launch of a new family of Interest Rate Swap Volatility (IRSV) indices that aim to offer a robust and transparent daily indices in the interest rates swap markets.  

 
IRSV indices provide market participants with a forward-looking implied volatility measure for some of the most liquid option expiry, swap tenor combinations in the EUR and GBP interest rate swap markets. The indices will be powered by input data and analytics from ICAP, a leading interdealer broker (IDB) across the entire range of interest rate products, ranging from exotic options to short and long-term interest rate swaps.

Anand Venkataraman, Head of Benchmark and Indices Product Management, Parameta Solutions:
“IRSV indices are built on a theoretical foundation for measuring interest rate swap volatility, providing market participants with a model-free measure of spot implied volatility in the world’s major interest rate swap markets. Predictive power of model-free implied volatility estimates have been shown to have superior predictive power over other commonly used volatility forecasting measures. Such an approach to create IRSV indices will be able to assist market participants with accurate interest rate volatility measures, both when making investment decisions and when measuring investment risks.”

 
Will Ferguson, Senior Managing Director, ICAP G10 Rates:
“TP ICAP’s Global Broking business has a market leading position in Interest Rate Options markets for Euro (EUR) and Sterling (GBP). Central Banks hiking policy rates rapidly from near zero levels to combat rising inflation, and uncertainty driven by other regional events has created opportunity and volume in our interest rates business. A partnership with Parameta Solutions to develop innovative solutions like the IRSV indices will facilitate new liquidity opportunities and help us enhance our leadership position.”
 

                                                                           ENDS

For more information on Parameta Solutions, visit https://parametasolutions.com/. 

Parameta Solutions is the Data & Analytics division of TP ICAP Group. The business provides clients with unbiased OTC content and proprietary data, in-depth insights across price discovery, risk management, benchmark and indices, and pre and post-trade analytics. Its post-trade solutions offering helps market participants control their counterparty and regulatory risks through a growing range of tools that manage balance-sheet exposure, as well as compression and optimisation services. The Data & Analytics division includes the following brands: Tullett Prebon Information, PVM Data Services, ICAP Information and Burton-Taylor Consulting.

Press Contact

Tim Focas – Aspectus Capital Markets

tim.focas@aspectusgroup.com

+44 (0) 7835-517-004

Brad Starr – Aspectus Capital Markets

Bradley.starr@aspectusgroup.com

+44 (0) 7880-254-130