NEWS UPDATE
FIXED INCOME
ICE combines bond trading
platforms under new unit
ICE establishes new fixed income trading business which combines its three plat-
forms TMC Bonds, BondPoint and ICE Credit Trade.
U
S exchange group Intercontinental Exchange (ICE) has
combined its fixed income trading platforms under a
new business known as ICE Bonds.
The new division brings together ICE BondPoint, TMC
Bonds and ICE Credit Trade under singlular management,
alongside continuous and end-of-day pricing and analytics
provided by ICE Data Services. ICE Bonds will offer clients
various anonymous and disclosed trading methods, includ-
ing click-to-trade, request for quote (RFQ), and portfolio
auctions.
Marshall Nicholson has joined ICE from technology-driven
broker-dealer Millennium Advisors to lead ICE Bonds as
president.
“By combining ICE’s existing execution platforms and
leveraging the extensive pricing and analytics offered by
ICE Data Services, we will offer customers unprecedented
access to liquidity, trading protocols and choice for execut-
ing their trades,” Nicholson commented.
“This new structure allows us to both optimise efficien-
cies and provide customers with better solutions to meet
their needs."
ICE has made efforts in recent years to bolster its fixed
income trading business through the acquisitions of Bond-
Point and TMC Bonds. ICE also revealed that there had
been an increased demand for access to BondPoint with
volumes up 33% so far this year.
ASIA-PACIFIC
Barclays expands client clearing in Asia with Japan deal
The Japan Securities Clearing Corporation granted Barclays clearing authorisation in
November as it looks to expand its clearing business and presence in Asia.
U
K investment bank Barclays will clear its JPY swaps
trades through the Japan Securities Clearing Corpora-
tion (JSCC) after being granted authorisation to operate
as a client clearer in November, The TRADE understands.
The move means that Barclays’ European and Asian
client base have access to the largest liquidity pool for JPY
interest rate swaps. Barclays is one of three international
clearers now authorised on JSCC, alongside Morgan Stanley
and Citi.
Speaking to The TRADE, Bradley Fraser, head of agency
derivatives services (ADS) clearing for Asia Pacific at
Barclays, said that the decision to join JSCC is part of the
14 // TheTrade // Spring 2019
bank’s strategy to invest in its clearing business and the
Asia Pacific region.
“With the push towards mandatory clearing in CCPs
and then the drive around uncleared swap margins, we’ve
had to stay close and relevant to our clients to help them
understand how the rules will impact them,” Fraser said.
“Through that process, we have evolved our clearing offer-
ing and clients began asking questions about JSCC given its
market share in cleared yen swaps.”
Morgan Stanley and Citi currently use their branches in
Tokyo to clear, but Barclays said it uses its London entity in
order to onboard clients more efficiently.