ICAP has confirmed it has lodged an application to launch a new exchange in India.
A spokesperson for the interdealer broker confirmed an application had been lodged with the Securities and Exchange Board of India in the last few weeks with the aim of launching a new bourse.
ICAP opened an office in Mumbai in 1999 and currently offers trading in FX, government securities, swaps and corporate bonds. The spokesperson did not confirm which instruments the application related to and stressed the plans were still in development. Indian press sources suggest ICAP wants to offer trading in corporate bonds and fixed income derivatives.
Two domestic bourses – the National Stock Exchange and Bombay Stock Exchange – currently dominate trading in India for equities and various derivatives. Another market, MCX, recently obtained approval to begin trading equities, while the London Stock Exchange recently unveiled plans to licence its technology to the Delhi Stock Exchange, with the aim of increasing competition in the Indian market.
ICAP already operates around ten multilateral trading facilities for trading various instruments in Europe and recently acquired the UK stock exchange licence formerly owned by PLUS Markets Group.