TP ICAP Launches Real-Time Data Services for Indian OTC Market

TP ICAPTP ICAP, the world’s largest interdealer broker, has launched a new, comprehensive market data service for the Indian OTC market which allows participants to access information based on real-time bids and offers, rather than having to rely on indicatives.

The service sources real-time data relating to INR denominated Money Markets, FX, Interest Rate Derivatives and Fixed Income instruments from five desks – four onshore and one offshore – and provides real-time data direct from electronics swaps trading platform, I-Stream. Digant Bhansali, Vice President ICAP India, commented:

“Since its launch a decade ago, I-Stream has emerged head-and-shoulders as the primary hub for price discovery and execution in India’s OTC market. While the growth of this market to date has been staggering, there is still a long way to go – India is the world’s fastest-growing economy and its appeal to offshore participants will only increase. What participants need, as the market continues to open up, is both price transparency and a trusted trade-backed source for market valuations. This has been a missing piece of the puzzle so far, and it is what we are looking to provide with this new service.

“On top of the inherent benefit of having access to real-time traded information as opposed to theoretical indicatives, the service is also 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, and provides an element of futureproofing as onshore regulations inevitably fall in line with international standards regarding pricing, risk, and transparency”, Bhansali added.

Ovie Koloko, Global Head of Product Management, said:

“This new product is a perfect example of how TP ICAP is able to use its unique market position to bring liquidity and transparency to exciting-but-still-developing markets like the Indian OTC arena. As well as giving our customers a distinct competitive edge, providing insight in this way should improve the functioning of the market as a whole, as it takes an increasingly important position on the world stage. It’s fantastic to see our approach bearing fruit like this, and there is much more yet to come.”

TP ICAP’s effort to take advantage of its market-leading position to offer innovative data products that provide unprecedented insight and coverage into less liquid or well-covered markets has been fruitful before. The firm recently launched a new Euro IRO and Global Inflation services.