ICAP (IAP.L), an international interdealer broker, announced today the launch of an electronic bond platform to service wholesale market participants in the Indian corporate debt sector. The platform was officially opened by Indian Finance Minister P Chidambaram at a ceremony in Mumbai.
ICAP gained approval for an electronic broking system from the Securities Exchange Board of India in November 2007 and has since moved quickly to deliver a solution to the market.
Manish Sabharwal, CEO of ICAP India, said: “We are delighted to be in a position to extend ICAP’s proven global technologies to India’s corporate debt market participants and believe this will prove a major catalyst towards the SEBI’s goal of increasing liquidity and efficiencies in the burgeoning marketplace.”
Finance Minister P Chidambaram’s recent Union Budget highlighted measures important to the development of a robust domestic corporate bond market. These measures will enhance investment, benefit Indian companies, and improve the availability of finances for infrastructure development.
Commenting on the launch, Don McClumpha, Deputy CEO of ICAP Asia-Pacific, said: “The Indian markets are a key focus for our expansion across the region. ICAP will continue to invest and deliver the world’s leading technologies to OTC market participants to increase liquidity and further facilitate innovation.”
The market is expecting further reforms aimed at streamlining issuance procedures and boosting liquidity such as the borrowing/lending of securities. ICAP has successfully combined voice and electronic services in securities markets to enhance price discovery and trade opportunity for market participants and has built a strong position in repo markets globally.
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