News

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Ice swap rate failure disrupts exotics desks*†

26 September 2019 | Risk.net | The rate is calculated using firm, executable prices from electronic venues. Prices are taken from central limit order books on derivatives platforms such as Trad-X, BGC Trader and i-Swap.

FCA urges dealers to quote Sonia swaps on Clobs*†

19 September 2019 | Risk.net | Ice Benchmark Administration, which manages and publishes the Ibor-based rate for sterling, US dollars and euros, currently takes live swap pricing from three multilateral trading facilities, BGC Partners’ BGC Trader, Icap’s i-Swap and Tradition’s Trad-X.

Swaps data: analysing the US rates collapse*

10 September 2019 | Risk.net | The majority of this is at Tradition, followed by Dealerweb, Icap-IGDL and BGC.

CME SOFR Strip rate “solves same problem” as term rate*†

23 August 2019 | FOW | An expert at inter-dealer broker Tradition said in August the creation of a backward looking rate could “damage the rates” ecosystem given that lending is done on a forward-looking basis.

Dealers dip toe into Sonia swaptions market*†

19 August 2019 | Risk.net | “If the underlying liquidity moves from Libor to Sonia in swaps, it follows that liquidity will improve in the Sonia option market,” says Stuart Giles, managing director for business development and strategy at Tradition.

Sefs stall, but more liquidity may be coming*†

16 August 2019 | Risk.net | The interdealer market had started life with five brokers: BGC, GFI, Icap, Tradition and Tullett Prebon. But mergers clipped those numbers back; BGC acquired GFI, and Tullett Prebon bought Icap, shrinking the pool to three.

GlobalCapital Global Derivatives Awards 2019: the nominees*

20 June 2019 | GlobalCapital | OTC trading venue of the year: BGC Partners, Bloomberg, Icap, EBS (CME Group formerly NEX Group), Tradeweb Markets, Tradition, Tullett Prebon, Thomson Reuters 360T, trueEX.

Brexit nudges new Trad-X swaps service to Paris*†

11 June 2019 | Risk.net | The lack of clarity on ground rules post-Brexit dovetailed with Tradition getting an EU venue authorised and sewed up its decision to locate its new endeavour elsewhere, says Dan Marcus, chief executive of Trad-X, the broker’s swaps platform.

GlobalCapital Americas Derivatives Awards 2019: the winners*

31 May 2019 | GlobalCapital | Our congratulations to the winners and runners up… Swap Execution Facility of the Year – CLOB: BGC, NEX SEF (CME Group formerly NEX Group), Tullett Prebon, ICAP (IGDL), Tradeweb, DW, Tradition (winner).

Evolution or extinction: Ice swap rate’s post-Libor quandary*†

24 May 2019 | Risk.net | “This is like replacing all petrol cars with electric vehicles overnight. It’s a big ask, but I think the market is headed there in the long term,” says Stuart Giles, managing director for business development and strategy at Tradition – one of three venues whose central limit order book (Clob) prices feed into the swap rate.

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