CORRECTED-ICAP invests in analytics firm, bolsters forex clearing service

06/20/2013

(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)



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