FRA-CROSS Adds US Currency

MBA Systems has further enhanced ICAP’s FRA-CROSS system with the addition of US dollar (USD) trading capability. ICAP is the world’s largest inter dealer broker with daily transaction volumes in excess of $300 billion.

FRA-CROSS was launched in 2002 and was the first online fra-matching system. It has now established itself as the market leader with more than 200 users from over 80 international banks. It is a highly secure system that enables traders to hedge their floating rate resets generated from interest rate swap books, minimising exposure to short term interest rate volatility. Positions are electronically matched without any manual intervention with the resulting transactions posted into the FRA-CROSS system. Straight through processing of trades is also available to customers, further streamlining real time execution.

"The addition of USD capability broadens the appeal of FRA-CROSS," says Charlie Sabel, FRA-CROSS project manager at ICAP. “When we first approached MBA Systems to work with us on this, we were very confident that it would be a success. The system is very comprehensive in its approach and allows our clients to align the mismatched elements of their Interest Rate Swap Books by automatically matching their interest rate resets with counter parties, eliminating exposure to short term interest rate volatility.

"Now that FRA-CROSS is up and running, its success has been proven. By continuously updating and developing FRA-CROSS with the support of MBA, banks have found the system to have tremendous appeal, confident in the high levels of security that it provides through its fully encrypted website."

Press Release contact:
Watsons
Terrace Gardens, Barnes, London SW13 OHD
Telephone: 020 8392-2332

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