ICAP integrates and upgrades forex services on new plaftform

ICAP has revealed details of its planned new trading platform, which will be launched by the summer. The firm has overhauled its existing systems, integrating all of its existing electronic forex broking services into the new platform which will be rebranded as Yuniti with the addition of new analytics and algorithms.

ICAP’s long-anticipated trading platform - set to integrate all of the company’s electronic FX broking services - is to launch under the name ‘Yuniti’.

People familiar with the project say the new ‘Yuniti’ platform – which has been in development for more than two years - will launch by the summer and will integrate all of the broker’s electronic broking services with new analytics and algorithms.

ICAP appointed Barclays’ global head of FICC electronic trading Tim Cartledge as chief strategy officer for the EBS Brokertec business in November 2015. He has been supervising launch preparations, according to these individuals.

In preparation for the launch, the company has registered several web domains including ebs-yuniti.co.uk and ebsyuniti.com.

Last week, the interdealer broker also filed an application to the UK’s Intellectual Property Office to trademark the new brand in the UK and Europe. A spokeswoman for ICAP declined to comment.

The news comes a day after Credit Suisse analysts upgraded the outlook for ICAP following November’s decision to sell the voice broking business to Tullett Prebon.

Credit Suisse said the company’s reaction to the demand for regulation-driven electronic trading infrastructure would be one of the reasons for its likely success in the coming years.

Despite the positive sentiment from Credit Suisse, a report by Greenwich Associates – published this week - suggests that the majority of derivatives traders still prefer trading over the telephone.

On completion of the deal, ICAP will still hold a 19.9% stake in the voice broking business that it sold to Tullett at the end of 2015.

It is one of five UK major interdealer brokers which negotiates securities and derivative trades with investment banks.