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: âWe are delighted to be in a position to extend ICAPâs proven global technologies to Indiaâs corporate debt market participants and believe this will prove a major catalyst towards the SEBIâs goal of increasing liquidity and efficiencies in the burgeoning marketplace.â
Finance Minister P Chidambaramâs 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: âThe Indian markets are a key focus for our expansion across the region. ICAP will continue to invest and deliver the worldâs leading technologies to OTC market participants to increase liquidity and further facilitate innovation.â
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.