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Macfarlanes advises ICAP on its iSwap joint venture
Macfarlanes has advised ICAP on its co-investment with Barclays Capital, Bank of America Merrill Lynch, Deutsche Bank and J.P. Morgan in iSwap, an electronic platform for trading OTC euro IRS (Interest Rate Swaps).
ICAP will manage and operate the platform with the banks investing $34 million and supporting the platform through the streaming of prices.
The Macfarlanes team was led by corporate partner Luke Powell. Luke Powell said: "We were delighted to help ICAP with an important strategic initiative for them which reflects the trend for Swaps trading to become increasingly electronic. It played to our strengths in requiring us to put in place complex shareholding arrangements against the backdrop of the regulatory issues relevant to an MTF platform like this."
For further information, please contact Luke Powell.
About ICAP
ICAP is the world's leading interdealer broker and
provider of post trade risk and information services. The Group
matches buyers and sellers in the wholesale markets in interest
rates, credit, commodities, foreign exchange, emerging markets and
equity derivatives through voice and electronic networks. For
further information go to www.icap.com.
16 November 2011
