Interdealer broker Icap has launched an electronic bond market for wholesale participants in the Indian corporate debt sector.
Icap India vice chairman Manish Sabharwal told reporters the firm is aiming to capture about 25% of secondary trade generated in the country through the platform in the first year.
In a statement Don McClumpha, deputy CEO, Icap Asia-Pacific, says: "The Indian markets are a key focus for our expansion across the region. Icap will continue to invest and deliver the world's leading technologies to OTC market participants to increase liquidity and further facilitate innovation."
Icap gained approval for an electronic broking system from the Securities Exchange Board of India in November 2007.