ISWAP INC.

What ISWAP INC. does

i-Swap operates an electronic trading venue and multilateral trading facility (MTF) for over-the-counter interest rate swap (IRS) derivatives, headquartered in London with a secondary office in Amsterdam. The company was founded as a joint venture between TP ICAP, the world's largest interdealer broker, and eight of the largest IRS Dealers, giving it structurally embedded liquidity provision from inception. It is regulated as iSwap Euro MTF/SEF and iSwap UK MTF, providing MiFID II compliant on-venue Dealer-to-Client trading across European and UK markets.

The platform is built on exchange-based technology customized for IRS specification, with proven low-latency architecture and full API access. It operates three integrated core products: i-SwapDirect (an electronic marketplace integrating RFQ, RFM, RFS, and List trading workflows with benchmark market data and dynamic resting orders); the i-Swap Central Limit Order Book (CLOB) offering anonymous liquidity via a hybrid voice/electronic model with multi-legged implied matching and no chain length limitation; and the i-Swap Targeted Streaming Market, which provides private electronic Request-for-Stream order books with disclosed market maker liquidity, optional last-look, and MiFID II compliant D2C execution. The technology stack is API-first, targeting professional trading institutions.

Revenue is generated through transaction-based trading fees on executed IRS trades. The go-to-market is sales-driven, leveraging TP ICAP's distribution network, and the client base consists of two sides: buy-side traders (asset managers, hedge funds) seeking efficient electronic execution, and sell-side IRS Dealers providing liquidity. As a private subsidiary within the TP ICAP Group, i-Swap does not disclose pricing or financial metrics, and operates as a B2B wholesale infrastructure provider rather than a retail-facing technology vendor.

Name

ISWAP INC.

Legal name

iSwap Euro B.V.

Website

https://i-swap.com

Company type

Private

Founded year

2009

Operating status

Operating

Short description

i-Swap operates an electronic trading venue and MTF for OTC interest rate swaps, offering RFQ, CLOB, and Request-for-Stream execution to buy-side and sell-side institutional traders. Founded as a joint venture between TP ICAP and eight major IRS Dealers, it is regulated as iSwap Euro MTF/SEF and iSwap UK MTF.

Ownership category

akta.pro rank

Product category

Electronic Trading Venue / Interest Rate Derivatives Platform

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

akta.pro secondary industry

Interest Rate Derivatives (Swaps, FRAs, Swaptions) (FSACADAB)

Keywords

• Interest rate swaps
• Electronic trading venue
• Multilateral trading facility
• OTC derivatives trading
• Fixed income trading platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction-based trading fees: i-Swap operates as an electronic trading venue for Interest Rate Swaps, generating revenue through transaction fees on executed trades. The platform provides efficient, cost-effective hedging in wholesale markets through fully automated interest rate swap execution.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

i-Swap operates an electronic trading venue and multilateral trading facility (MTF) for over-the-counter interest rate swap (IRS) execution, connecting buy-side and sell-side institutional traders. The platform offers three core trading products: i-SwapDirect (electronic marketplace with RFQ, RFM, RFS and List workflows), i-Swap Central Limit Order Book (anonymous hybrid liquidity), and i-Swap Targeted Streaming Market (private Request-for-Stream order books). All products are accessible via full API integration and operate as regulated venues under MiFID II.

Product overview

i-Swap is a leading global electronic trading venue for Interest Rate Swaps, operating as a joint venture between TP ICAP and major IRS Dealers. The platform offers three integrated core products: i-Swap Direct (electronic marketplace with RFQ protocols and order-based technology), i-Swap Central Limit Order Book (anonymous liquidity with hybrid voice/electronic model), and i-Swap Targeted Streaming Market (private electronic order books with market maker liquidity). All three products share API connectivity and provide complementary trading workflows across the interest rate swaps market.

Differentiator

Problem solved

Functional benefit

Brands

• i-SwapDirect: Electronic IRS marketplace integrating market-standard RFQ protocols with advanced order-based technology, supporting RFQ, RFM, RFS or List trading workflows with full API integration.
• i-Swap Central Limit Order Book (CLOB)
• i-Swap Targeted Streaming Market

Products and services

• i-SwapDirect

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• TP ICAPcoreStrategic or Co-development PartnerTP ICAP is the parent company and co-founder of i-Swap, the world's largest interdealer broker. TP ICAP provides the regulatory framework, technology infrastructure support, and distribution network for i-Swap's electronic trading venues.
• Eight Major IRS DealerscoreStrategic or Co-development PartnerEight of the largest Interest Rate Swap Dealers co-founded i-Swap as a joint venture, providing deep market expertise, liquidity provision, and institutional client relationships. These dealers form the backbone of the platform's market-making and trading activity.

Scale indicators2 records

Emerging players

• MTS (Euronext): MTS, now part of Euronext, operates electronic trading venues for European fixed income cash and derivatives, with partial overlap into rates products. Comparable on electronic fixed-income MTF/institutional execution role, particularly for European buy-side clients.

Direct peers

• MarketAxess Holdings: MarketAxess operates an electronic trading platform for fixed income that has expanded into IRS, with comparable all-to-all and RFQ protocols aimed at buy-side institutions. Overlaps with i-Swap on electronic rates execution and similar institutional client base.
• Bloomberg L.P. Bloomberg's Fixed Income Trading platform (BSEF/MTF) competes directly with i-Swap in electronic IRS RFQ and SEF execution. Both serve overlapping institutional buy-side and sell-side clients with multi-dealer electronic workflows, making Bloomberg a head-to-head competitor in IRS electronic trading.
• Tradeweb Markets: Tradeweb is the largest electronic platform for institutional IRS trading, operating a competing MTF/SEF across both dealer-to-client and interdealer IRS flows. Directly comparable to i-Swap on product (IRS electronic execution), regulatory status (MTF/SEF), and target customer base (buy-side and sell-side institutions).

Broad incumbents

• BGC Group: BGC Group is a global interdealer broker with electronic and voice rates desks, including Fenics UST and Fenics Rates for institutional IRS execution. Overlaps with i-Swap on rates product and institutional dealer-client base, though broader across asset classes.
• Intercontinental Exchange (ICE): ICE operates exchanges and clearinghouses for interest rate derivatives, including ICE Futures Europe for short-term interest rate products and credit derivatives clearing. A broad incumbent providing adjacent rates trading and clearing infrastructure comparable to i-Swap's venue role.
• CME Group: CME Group operates exchange-listed interest rate futures/options and IRS clearing (CME Group SwapClear after the NEX acquisition). A broader incumbent in rates market infrastructure whose IRS OTC clearing and electronic execution capabilities overlap with i-Swap's trading venue offering.
• TP ICAP: TP ICAP is i-Swap's parent company and the world's largest interdealer broker, with a broad portfolio of voice and electronic rates brokerage that overlaps with i-Swap's IRS execution venue. Directly comparable on customer base (institutional dealers, buy-side) and rates product set.
• LCH (LSEG): LCH, part of LSEG, operates SwapClear — the dominant global IRS clearing service — and is an adjacent market infrastructure provider to i-Swap's OTC IRS trading venue. Comparable on institutional rates ecosystem role and serves overlapping dealer and buy-side clients through the clearing relationship.

Regional players

• Trad-X (ICAP, now TP ICAP): Trad-X, originally a TP ICAP initiative, is an electronic credit trading platform (CDS) that shares technology lineage with i-Swap under the TP ICAP umbrella. A regional or product-adjacent peer in fixed-income electronic trading with shared infrastructure but different asset-class focus (CDS vs IRS).

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ISWAP INC.