ICAP Securities OTF


The ICAP Securities OTF is a trading venue operated by TP ICAP Markets Limited and permitted to trade Credit Derivatives, Equity Derivatives, FX Derivatives, Government Bonds, Corporate Bonds, Interest Rate Derivatives and Money Market Instruments.

Operator Information

TP ICAP Markets Limited – LEI: 213800NMEZS3MD2IUP33

Enquiries should be directed to:
TP ICAP Markets Limited
135 Bishopsgate
United Kingdom


The ISL OTF offers the following products:

Entity:TP ICAP Markets Limited

Venue Name: ICAP Securities OTF

Venue type: OTF

Operating MIC: IOTF

Segment MIC Description Asset Class Products
IOIR ICAP Securities OTF - Interest Rate Derivatives Interest Rate Derivatives Constant Maturity Swap (CMS), Fixed/Floating Interest Rate Swap, Constant Maturity Swap Option
FRA, Inflation Option, Inflation Swap, Overnight Index Swap (OIS)
Interest Rate Option, IRO Midcurves ,Interest Rate Guarantees
Interest Rate Swap Options, Spread Option, Bond Option, Single Payment Swap
Zero Coupon Swap, Single Ccy Basis Swap, Clearing House Basis (CCP Basis)
Base Rate Swap, OIS / Base Rate Swap, Cross CCY Basis Swap – mark (&non mark_ to market (XCCY Basis),
CMS FRA, Bermudan Option, Quanto Option, Forward Swaption, Swaptions
IOMM ICAP Securities OTF - Money Market Instruments Money Market Instruments UK Treasury Bill
Primary Certificates of Deposit
Secondary Certificates of Deposit
Traded Paper
Commercial Paper
IOFX ICAP Securities OTF - FX Derivatives FX Derivatives FX Forward
FX Non-Deliverable Forwards
IOCD ICAP Securities OTF - Credit Derivatives Credit Derivatives CDS Index
CDS Single Name Corporate
CDS Single Name Sovereign
IOGI ICAP Securities OTF - Gilts Government Bonds (UK Gilts) Government Bonds (UK Gilts)
Inflation bonds, Index-Linked bonds
IOED ICAP Securities OTF - Equity Derivatives Equity Derivatives Equity Swaps
Forward (OTC)
IOGB ICAP Securities OTF - Government Bonds (ex Gilts) Government Bonds Government Bonds
Inflation bonds
IOFI ICAP Securities OTF - Corporate Bonds & Securitised Debt Corporate Bonds & Securitised Debt Corporate Bond
Covered Bonds
Floating Rate Note (FRN)
ILCM Louis Capital Markets UK Government Bonds & Corporate Bonds

Rule Book, Policies and Rate Card

The documents are available to download below. Should you encounter an error please ensure that you have the appropriate PDF reader software installed. If you continue to experience difficulties with opening one of our PDF downloads then please contact us at, islotfoperator@tpicap.com.

Rule book Download
Best Execution Download
Conflict of Interest Download
Algorithm Policy Download
Rate Card Download

Most computers will open PDF documents automatically, but you may need to download Adobe Reader

Venue Operating Hours

Market Operating Hours per Trading Venue

Time Zone: UK Time

Trading Venue Venue Opening Venue Closing Administrative Close
ISL OTF* 06:00 18:30 19:00
* Open / closing time in winter is 1 hour earlier for certain desks

For public holiday opening times, please click here.

PII Data

If you would like to submit your PII Data for this venue, please click here.

Rate Card Request

The ICAP Securities OTF rate card is now available in the 'Rule Book, Policies and Rate Card' section.