About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn

Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Asia / Australia
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts

CORRECTED-ICAP invests in analytics firm, bolsters forex clearing service
06/20/2013 Email this story  |  Printable Version

(Corrects 6th paragraph to show LCH.Clearnet is majority owned by the London Stock Exchange)

LONDON, June 20 (Reuters) - Interdealer broker ICAP said on Thursday it has invested in a hedge fund and asset management analytics firm and made a tie-up with a clearing house to improve its foreign exchange clearing services.

The London-based group did not give details on the size of its investment in Enso Financial Management (EFM), which provides hedge funds and asset managers with reporting and data analytics services.

New York-based EFM covers $100 billion assets under management globally, ICAP said.

ICAP makes money by matching buyers and sellers of bonds, currencies and swaps.

In a separate announcement, its subsidiary Traiana said it will launch a direct connection between its foreign exchange clearing network Harmony CCP Connect and LCH.Clearnet's ForexClear tool for non deliverable forwards (NDFs) - derivatives that let companies and investors hedge or speculate on emerging market currencies.

LCH.Clearnet is majority owned by the London Stock Exchange .

The move will allow users of Harmony direct access to all central counterparty clearing houses (CCPs).

Traiana said the tie-up will support all U.S. and European clearing rules, cutting transaction times and easing the compliance process for firms and their clients.

Last month ICAP reported a 20 percent fall in full-year profits. The broker, along with rival Tullett Prebon, has been battling slumping trading volumes since the start of the financial crisis. (Reporting by Clare Hutchison; Editing by Ruth Pitchford)

Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:

Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.