Fifteen European banks have gone live with the system and an additional nine
banks are expected to begin trading within the next two months. Trading is
currently available in seven currency pairs: EUR/GBP, EUR/USD, EUR/JPY,
GBP/USD, USD/CHF, AUD/USD, and USD/JPY.
The service was launched in Asia Pacific in January 2002, where ICor currently has 21 banks successfully trading and is in the process of installing at several other Asia Pacific institutions.
Ian Rochelle, Head of Vanilla Options Trading, Bank of America commented:
"The ICor system is one of the best electronic trading platforms currently
on the market -- easy to use, purely electronic and has good functionality".
Laurent Piedois, Director FX Options, WestLB added: "After using the ICor system in Asia I was impressed with its ease of use and liquidity. I am eager to be able to use it in Europe as well".
The European launch is the second phase in a global roll-out which will
extend to North America in September 2002. The company also plans to extend
its services to incorporate the interest rate derivative market, adding
interest rate swap and interest rate options broking during the fourth
Jeff Larsen, Chief Executive Officer, ICor Brokerage Ltd, said: "Our European rollout, and the enthusiasm we have found here for the system, is an extension of the success we found in our Asia Pacific launch. Traders use the system, like what they see and help propel good word-of-mouth about ICor around the globe. Our steady progress confirms that the industry is ready to embrace truly electronic trading - and that ICor and Reuters have uncovered the successful formula for making it happen".
Mark Robson, Managing Director of Treasury Broking Services, Reuters said:
"The joint mission for Reuters and ICor is to deliver upon our customers' core business requirements. Namely, reduced brokerage charges, reduced post-trade processing costs and risks - all supported by industry leading customer service. We believe that with our customers' help we have got this formula right in Asia since our launch in January. We look forward to rising to the challenge as we extend to serve our FxOption customers in Europe".