London-based interdealer broker Icap has launched iLinked, a new fully tradeable delta one equity derivatives platform.
"Through iLinked, Icap is the first to respond to customer demand to trade over-the-counter (OTC) equity derivatives electronically, in line with regulatory moves towards greater transparency," said Garry Stewart, Icap's MD, equity derivatives EMEA. "We have already signed up 12 banks and expect more to join over the next few weeks. We believe that over time, iLinked will add significantly to the liquidity of these products."
The platform will operate as a hybrid allowing traders to execute orders electronically or by voice. iLinked will initially offer a range of equity-based Exchange for Physicals (EFPs) providing traders with a pool of liquidity across 120 instruments. Other delta one and equity derivative products will be added in the coming months, said Stewart.
iLinked will be managed by LINK, Icap's equity derivatives broker, and will operate as part of Icap Securities Multilateral Trading Facility.
The iLinked platform follows the launch of the iSwap, Icap's recently launched electronic interest rate swap platform.
Icap is claiming to be at the forefront of the "electronification" of the OTC market, providing electronic execution with the aim of improving liquidity and increase transparency.