Interdealer broker ICAP will begin offering its centralized, focused voice-broking service to the structured credit market.
A company spokesperson said that the "matched principal" broking service will help structured credit market clients to execute transactions in full anonymity, which should prove appealing given the illiquid and difficult markets.
Vincent van Mackelenbergh, Frederik Veger and Joost Bonarius, formerly at NIBC bank, will be setting up the new trading desk at ICAP. Their diverse backgrounds will help establish client relationships, the spokesperson said.
The broking service will be offered on a note-by-note basis or on entire portfolios.The team will broker cash ABS, CDOs and CLOs from triple-A to equity.
"ICAP's Strong relationships with clients will be key in this new, but challenging market," the firm's spokesperson said.