TP ICAP’s eRepo reports £100 billion trading day 11 September 2023UK Reporter: Jamie Richards
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TP ICAP Group has announced that its eRepo order book recorded a volume of £100 billion in one day.
The record trading day took place on 7 September 2023, reflecting significant growth over the previous 12 months.
The London-based financial services firm says its fully electronic order book eRepo is designed to help market participants manage high volume demands in the European repo market.
The firm reports that eRepo month-to-date average daily volume is up 180 per cent year-on-year for September.
It credits eRepo’s fixed rate fee schedule with generating major participant sign-ups.
TP ICAP plans to expand eRepo with a web-based front end through the company’s existing Fusion platform, introducing new features as well as improved navigation and deployment capabilities.
Nichola Hunter, global head of fixed income sales and trading at TP ICAP, says: “We are proud of achieving this milestone, which we believe demonstrates two things: One, that eRepo has firmly positioned itself as the alternate execution venue for UK gilts and European Government debt.
“And two, that the market needs two viable and liquid order books. With one, the market has no redundancy; and with more than two, we risk fragmentation and a poor liquidity experience.”
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