(Corrects 6th paragraph to show LCH.Clearnet is majority owned
by the London Stock Exchange)
LONDON, June 20 Interdealer broker ICAP
said on Thursday it has invested in a hedge fund and asset
management analytics firm and made a tie-up with a clearing
house to improve its foreign exchange clearing services.
The London-based group did not give details on the size of
its investment in Enso Financial Management (EFM), which
provides hedge funds and asset managers with reporting and data
New York-based EFM covers $100 billion assets under
management globally, ICAP said.
ICAP makes money by matching buyers and sellers of bonds,
currencies and swaps.
In a separate announcement, its subsidiary Traiana said it
will launch a direct connection between its foreign exchange
clearing network Harmony CCP Connect and LCH.Clearnet's
ForexClear tool for non deliverable forwards (NDFs) -
derivatives that let companies and investors hedge or speculate
on emerging market currencies.
LCH.Clearnet is majority owned by the London Stock Exchange
The move will allow users of Harmony direct access to all
central counterparty clearing houses (CCPs).
Traiana said the tie-up will support all U.S. and European
clearing rules, cutting transaction times and easing the
compliance process for firms and their clients.
Last month ICAP reported a 20 percent fall in full-year
profits. The broker, along with rival Tullett Prebon,
has been battling slumping trading volumes since the start of
the financial crisis.
(Reporting by Clare Hutchison; Editing by Ruth Pitchford)