About us
Built on Experience
Established as a joint venture between TP ICAP and seven of the world’s largest IRS dealers, i-Swap is a leading global electronic trading venue for Interest Rate Swaps (IRS).
For over 15 years, we’ve combined market expertise with the backing of our founding partners to deliver innovative trading solutions, deep liquidity, and a superior execution experience.
Powered by Innovation
Our platform is built on exchange-grade technology, purpose-built for IRS markets. With proven low latency, full API connectivity, and advanced functionality, i-Swap meets the demands of today’s fast-moving rates market.
Through iSwapDirect, we extend the benefits of order-based execution into dealer-to-client (D2C) workflows – enabling efficient, transparent, and cost-effective risk transfer across the market.
Designed for Clients
i-Swap is engineered for efficient, automated IRS execution in wholesale markets. Supporting multiple market models and full order book trading functionality, we deliver flexibility and choice for market participants.
iSwapDirect enhances this by creating a competitive, transparent marketplace – reducing transaction costs, improving execution efficiency, and providing access to high-quality liquidity for both dealers and clients.
Our Markets
iSwapDirect is our electronic IRS marketplace, integrating market-standard RFQ protocols with advanced order-based technology. It connects buy- and sell-side traders for efficient, cost-effective execution:
- Supports RFQ, RFM, RFS or List trading workflows
- Full API integration for seamless connectivity
- Incorporates benchmark market data
- Offers a full suite of order types, including dynamic resting orders
Enhanced RFQ protocol built on i-Swap’s order-based infrastructure for improved execution, efficiency, and flexibility
Click-to-trade protocol providing requestors with access to streamed two-way liquidity from multiple counterparties
Submit RFQs for packages of multiple, standard, or bespoke swaps, with responses in NPV terms for streamlined evaluation and execution
The i-Swap CLOB provides participants with anonymous liquidity, with a hybrid model combining the best of voice and electronic markets, which enables maximum execution flexibility:
- Multi-legged, implied matching of strategies and outright swaps with no chain length limitation or legging risk
- Price/implied chain length/time priority order book matching
- Full order book depth dissemination, order tradability flags and market trade history
Contact us
Get in touch:
Sales Support
Regulatory Support
Technical Support
For i-Swap downloads, visit the Tech Portal:
Sign in to TP ICAP
London:
iSwap Euro B.V.
135 Bishopsgate
London EC2M 3TP
+44 (0) 20 3933 3500
Amsterdam:
iSwap Euro B.V.
Vijzelstraat 68
1017HL Amsterdam
Netherlands
+31 (0) 20 799 6554