TrueQuote  

TrueQuote is TP ICAP’s portal to access multi asset electronic services and trading venues for the buy side.  Building on our experience as a market leader for liquidity provision to the largest financial institutions, and our vast global network of brokers and customers, we aim to work with the institutional customer base to build true independent, intermediary solutions to meet their trading and regulatory requirements.

 
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Introducing our suite of products

In today's constantly evolving trading environment, characterised by regulatory and structural market changes, TrueQuote provides relevant and effective solutions to the key issues faced by institutional customers. We aim to set the standard in both solving issues of the past and innovating ideas for the future.

 

Products & Services that TrueQuote provides

 
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CrossTrade

CrossTrade is an off-venue platform, which facilitates the execution of internal cross trades. Transparent, efficient, auditable, third party pricing allows CrossTrade to bring efficiency and standardisation to institutional trade workflow.

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ScrapBook

ScrapBook facilitates bond inventory reduction and re-balancing and is available on the ICAP WCLK MTF. Through odd lot session based trading, ScrapBook looks to offset positions allowing more flexibility for dealers to efficiently manage their trading books.

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VolumeMatching

Volume Matching is an Organised Trading Facility (OTF) auction based protocol, which offers customers the ability to trade fully anonymously at a 'mid-price' without the need to disclose direction or size.

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LiquidityChain

LiquidityChain is an off-venue network, enabling market participants to discover disparate pools of liquidity by posting anonymous IOI’s and linking people together to maximise the potential to trade less liquid and time sensitive orders.

 
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Connectivity

TrueQuote implicitly understands the importance of connectivity and integration to the internal systems, whether that be an Order Management System (OMS) or an Execution Management System (EMS) to assist where possible with a fully auditable electronic workflow. TrueQuote have a dedicated fix and on-boarding team to assist. Many institutional customers today have directly developed to our single-fix hub, however, we also offer other established methods of connectivity that institutional customers can take advantage of today: 

  • Charles River

  • FlexTrade

  • Bloomberg / TSOX

Users of the Bloomberg terminal and TSOX will have the ability to interact with the TrueQuote venues and services, giving full pre and post-trade integration along with seamless execution capability.

 
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CrossTrade

Crossing trades between funds internally can be operationally complex as well as having to adhere to a stringent regulatory framework both in Europe (EMIR) and the US (SEC).  However, optimising this process via a standardised and compliant workflow can significantly reduce transaction costs for the funds.  CrossTrade provides dealers with a fair third party live market price within a transparent, audited and simple trade environment.

Key features:

  • MiFID II compliant as an independent service and auditable workflow with true transparency

  • Wide universe of coverage across Corporates and Sovereign bonds

  • Flexible settlement date (T+0 > T+10)

  • Embedded FX rates for Emerging Markets local currency crosses

  • Efficient upload either through copy/paste or direct from OMS/EMS via FIX connectivity

  • Live mid-market price streamed directly through Interactive Data’s (IDC) Continuous Evaluated Price (CEP) with price challenge functionality

  • Post-trade available via Straight-Through-Processing (STP), Auto-VCON and FIX trade confirmations

  • Automatic post-trade fund allocation through OMGEO CTM

  • Compliance log-ins for view only access and complete oversight of their historical and live activity for their firm

  • No subscription or access fees

Coverage:

  • Corporate bonds (EUR, GBP, CHF, USD)

  • Sovereign bonds (EUR, GBP, CHF, USD)

  • Emerging Market Hard & Local currencies (SEK, NOK, ARS, AUD, CLP, CNY, HUF, JPY, KZT, MXN, MYR, PEN, PLN, PHP, RUB etc)

  • ABS/MBS/RMBS

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ScrapBook

ScrapBook is a portfolio optimisation tool allowing session based trading for market participants and is available on the ICAP WCLK MTF. Orders submitted to the ScrapBook trading system directly by the participant will be entered in a matching algorithm designed to ensure optimised trade volume. All trades will be executed at an independent third party mid-price which is streamed into the platform and updates real time throughout the session.

Key features:

  • Available via ICAP’s Multi-lateral Trading Facility MTF) ICAP WCLK MTF

  • Fully anonymous matched principal trading

  • Live mid-market price streamed directly through Interactive Data’s (IDC) Continuous Evaluated Price (CEP)

  • Implied P&L shown upon upload allowing users to revise in/out of money positions

  • Quick straight forward process via one click submission into the system

  • Post-trade available via STP, Auto-VCON and FIX trade confirmations

  • Trade allocation automated through OMGEO CTM

  • Established and diverse liquidity pool

  • No subscription or access fees. Fee is only charged on completed trades (published rate card)

Coverage

  • Financials (EUR, GBP, CHF, USD)

  • Emerging Markets (EUR, GBP, CHF, USD)

  • High Yield (USD)

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Volume Matching

Volume Matching is an OTF auction based protocol, which offers customers the ability to trade fully anonymously at a 'mid-price' without the need to disclose direction or size. The protocol of periodic auctions and mid market matching has been extremely successful for over 15 years in the wholesale inter-dealer market. TrueQuote has repurposed this protocol to suit the needs of the wider market participant by offering an alternative to Request For Quote (RFQ) and Central Limit Order Book (CLOB). 

Key Features:

  • Regulated Organised Trading Facility (OTF)

  • Fully anonymous matched-principal trading

  • Trade at mid-price (no need to cross bid/ask spread)

  • Ability to trade in large size discreetly

  • Fully automated post trade workflow (Auto VCON and auto allocation to OMGEO CTM)

  • OMS/EMS integrated

  • No subscription or access fees. Fee is only charged on completed trades (published rate card)

Coverage

  • Global emerging markets

  • European corporate bonds

  • US corporate bonds

  • US high yield

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LiquidityChain

LiquidityChain provides an information and crossing network that anonymously searches and mines client IOIs (Indication of Interest) to a sophisticated pairing engine. Once an opposite interest is lit, it is flagged to an execution desk whose aim is convert these pairings into trades.  This hybrid approach to facilitating liquidity capitalises on a combination of the latest technology and human relationships, by instantaneously delivering traders valuable insights and unique opportunities.

It also incorporates an alerts system for users who are interested in a particular bond, issuer or sector - our service will notify the user that there is activity in the chosen field with no obligation to engage.

Key features:

  • Fully anonymous

  • Sophisticated pairing engine

  • Similar bond profile suggestions

  • No obligation to trade

  • Simple

 

 

Contact the TrueQuote Team

Sales

+44 (0) 20 7000 5533


Support

+44 (0) 20 3933 3076

 
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