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A-Team Insight Blogs

ICAP Information Shines Light on Indian OTC Market Data

ICAP Information, part of TP ICAP, has released a market data service for the Indian OTC market. The service will allow participants to access information based on real-time bids and offers, rather than having to rely on indicatives, and provide accurate, reliable and independent insight into market activity.

The service will source data from five desks – four onshore and one offshore – as well as provide real-time data direct from I-Stream, India’s first and largest electronics swaps trading platform. Users will gain direct access to real-time data relating to INR denominated money markets, FX, interest rate derivatives and fixed income instruments across the region.

I-Stream has been running for about a decade and has become the primary hub for price discovery and execution in India’s OTC market. As the market continues to grow – India is the world’s fastest growing economy and its appeal to offshore participants will only increase – participants will need both price transparency and a trusted trade-backed source for market valuations.

Which is where ICAP Information comes in. Digant Bhansali, vice president ICAP India says: “This has been a missing piece of the puzzle so far, and it is what we are looking to provide with the new service. As well as the benefit of having access to real-time traded information as opposed to theoretical indicatives, the service is designed to help users comply with complex regulatory onshore and cross-border needs, and facilitate robust risk-monitoring. This will put users in a much better position as the market continues to open up to offshore investment and becomes more liquid.”

The service is the result of a partnership between TP ICAP’s data analytics and global broking divisions, which aims to turn TP ICAP’s market position into innovative data products that provide insight into less liquid or well-covered markets. It follows the recent launch of new Euro IRO and global inflation services. More services are due to come on stream later this year.

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