ISWAP UK MTF

i-Swap (registered as ISWAP UK MTF) is a London-based electronic trading venue dedicated to interest rate swaps (IRS). It was founded as a joint venture between TP ICAP, the world's largest inter-dealer broker, and eight of the largest interest rate swap dealers. The platform is authorised as a multilateral trading facility (MTF) in the United Kingdom, with its regulatory scope described as an authorised MTF for Euro interest rate swaps. Over more than 15 years, i-Swap has developed innovative IRS trading functionality, delivering high-quality liquidity and a superior trading experience to wholesale market participants. i-Swap's core platform is built on exchange-based technology that has been highly customised to its IRS specification. It offers proven low-latency technology with full API access, providing ultra-high levels of resilience and innovative functionality designed to meet the demands of the fast-evolving rates market. The venue was designed to provide efficient, cost-effective hedging in wholesale markets through fully automated interest rate swap execution. It supports multiple market models, including full order book trading functionality, to meet the diverse needs of market participants. i-Swap Direct is the firm's electronic IRS marketplace, integrating market-standard RFQ (request-for-quote) protocols with advanced order-based technology. It connects buy-side and sell-side traders for efficient, cost-effective execution. The platform supports RFQ, RFM (request-for-market), RFS (request-for-stream) or List trading workflows, offers full API integration for seamless connectivity, incorporates benchmark market data, and provides a full suite of order types including dynamic resting orders. An enhanced RFQ protocol built on i-Swap's order-based infrastructure improves execution, efficiency and flexibility, while a click-to-trade protocol gives requestors streamlined access to liquidity. As an MTF, i-Swap operates within the UK and European regulatory framework for trading venues, providing a regulated environment for wholesale interest rate swap execution. Its ownership structure — a partnership between TP ICAP and major dealer banks — aligns the interests of the broker and the largest liquidity providers in the IRS market. The venue competes with other electronic IRS trading platforms and traditional voice brokerage, positioning itself as a technology-driven, client-focused alternative for rates trading.

i-Swap was established as a joint venture between TP ICAP, the world's largest inter-dealer broker, and eight of the largest interest rate swap dealers. The venture was created to build an electronic trading venue specifically for interest rate swaps, aiming to bring greater efficiency, automation and transparency to a market traditionally dominated by voice brokerage. From its inception, i-Swap was designed to provide efficient, cost-effective hedging in wholesale markets through fully automated interest rate swap execution. The platform was built on exchange-based technology that was highly customised to its IRS specification, giving it proven low-latency performance, full API access, and ultra-high levels of resilience. This technology foundation allowed i-Swap to support multiple market models, including full order book trading functionality, to meet the diverse needs of market participants. Over more than 15 years, with the backing of its partners, i-Swap has been committed to developing innovative IRS trading functionality, delivering high-quality liquidity and a superior trading experience. The venue operates as an authorised multilateral trading facility (MTF) in the United Kingdom, with its regulatory scope described as an authorised MTF for Euro interest rate swaps. This authorisation allows it to operate within the UK and European regulatory framework for trading venues, providing a regulated environment for wholesale interest rate swap execution. The firm's flagship marketplace, i-Swap Direct, integrates market-standard RFQ protocols with advanced order-based technology. It connects buy-side and sell-side traders for efficient, cost-effective execution. The platform supports RFQ, RFM, RFS or List trading workflows, offers full API integration for seamless connectivity, incorporates benchmark market data, and provides a full suite of order types including dynamic resting orders. An enhanced RFQ protocol built on i-Swap's order-based infrastructure improves execution, efficiency and flexibility, while a click-to-trade protocol gives requestors streamlined access to liquidity. As the interest rate swap market has evolved, i-Swap has continued to invest in its technology and trading protocols, positioning itself as a technology-driven, client-focused alternative for rates trading. Its ownership structure — a partnership between TP ICAP and major dealer banks — aligns the interests of the broker and the largest liquidity providers in the IRS market, supporting its goal of delivering high-quality liquidity and a superior trading experience.

• i-Swap founded as a joint venture between TP ICAP and eight of the largest IRS dealers.

• i-Swap authorised as a multilateral trading facility (MTF) for Euro interest rate swaps in the United Kingdom.

• i-Swap Direct electronic IRS marketplace launched, integrating RFQ protocols with order-based technology.

• More than 15 years of operation developing innovative IRS trading functionality.

A leading global electronic trading venue for interest rate swaps, offering efficient, cost-effective hedging in wholesale markets through fully automated IRS execution, backed by TP ICAP and eight of the largest IRS dealers.

• i-Swap Direct

  Electronic IRS marketplace integrating market-standard RFQ protocols with advanced order-based technology, connecting buy- and sell-side traders.

• RFQ / RFM / RFS / List trading workflows

  Multiple trading workflows supported on the i-Swap platform.

• Full API integration

  Seamless connectivity for clients via full API access.

• Click-to-trade protocol

  Provides requestors with streamlined access to liquidity.

1. 1Home | i-Swapi-swap.com
2. 2ISWAP UK MTF - Wikidatawikidata.org