Icap, the world’s largest broker of trades between banks, has lost 85% of its business over six weeks in the most active part of the mortgage-bond market as Wall Street firms shift trades to their own electronic network, reports Bloomberg.
Goldman Sachs, JPMorgan and seven other banks have moved the brokering business to Dealerweb, the trading platform they own for so-called ‘To Be Announced’ mortgage securities, from Icap’s Brokertec system, which arranged about $6bn in transactions daily in the week to April 8, down from $40bn in February, according to Bloomberg data.

This entry was posted by Gwen Robinson on Tuesday, April 21st, 2009 at 4:55 and is filed under Capital markets. Tagged with Dealerweb, icap. Edit this entry.