Icap launches FRA matching
TECHNOLOGY NEWS
LONDON -- Interdealer broker Icap has launched an online matching facility for crossing sterling and euro forward rate agreements (FRAs), FRA-Cross, which will be extended to yen and dollar FRAs by the end of this month.
The service enables traders to hedge their interest rate swap exposures by automatically matching one FRA exposure against an opposite FRA exposure, thereby eliminating risk from the trade.
"Traders used to fax over their future resets to find someone with an opposite position in
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