Core Business Operations
Institutional Intermediation Across India’s Wholesale Markets
Four core markets. Named desk contacts. Deep institutional relationships built over three decades.
01
Government Debt Securities
Government Securities
Leading interdealer broker for Indian Government Securities, facilitating price discovery across sovereign instruments.
ICAP India plays a central role in facilitating liquidity and execution across India’s sovereign debt markets. We support active participation across the government securities yield curve, enabling efficient price discovery and seamless trade execution for banks, primary dealers, insurance companies, and institutional investors.
Our deep market relationships and real-time insights allow participants to navigate changing rate environments with confidence. By connecting counterparties and enhancing secondary market activity, we contribute to a more resilient and transparent sovereign debt ecosystem.
From benchmark securities to off-the-run bonds, ICAP India remains a trusted intermediary in supporting liquidity, execution efficiency, and market depth in India’s government securities market.
Instruments
- Treasury Bills (T-Bills)
- Dated Government Securities
- State Development Loans (SDLs)
- Sovereign benchmark bonds
- G-Sec repos
Client Types
- Scheduled commercial banks
- Insurance companies
- Mutual funds
- Primary dealers
- Pension funds
02
Fixed Income Credit
Corporate Debt & Credit
Execution and intermediation in corporate bonds and fixed income instruments, enhancing liquidity in India’s corporate debt markets.
ICAP India provides institutional intermediation across corporate bonds and fixed income credit instruments, supporting the continued development of India’s credit markets. We facilitate efficient secondary market activity, enabling participants to source liquidity, manage risk, and optimize portfolio strategies.
Our platform brings together a diverse network of institutional investors, dealers, and issuers, improving transparency and strengthening price discovery in an otherwise fragmented market. Through consistent engagement and market insight, we help deepen liquidity across investment-grade and structured credit instruments.
By enhancing access, connectivity, and execution, ICAP India contributes to the evolution of a more robust and efficient corporate debt market in India.
Instruments
- Investment-grade corporate bonds
- PSU bonds
- Infrastructure bonds
- Commercial paper
- NCDs & Covered bonds
Client Types
- Banks
- Mutual funds
- Insurance companies
- Corporates
- Foreign portfolio investors
03
Foreign Exchange (FX)
Foreign Exchange
Dedicated FX desk serving institutional clients in spot FX, forwards, and currency derivatives, supporting both onshore and offshore participants in INR markets.
ICAP India provides institutional access to deep and reliable liquidity across India’s foreign exchange markets, supporting both onshore and offshore participants. Our capabilities span spot, forwards, and currency derivatives, enabling efficient execution and real-time price discovery across USD/INR and cross-currency pairs.
Through strong counterparty networks and robust electronic platforms, including Spot Fix, we facilitate transparent FX benchmark processes and seamless trade execution. Our infrastructure is designed to support high-volume institutional flows, particularly during key market events such as daily fixing windows.
In an increasingly interconnected global currency environment, ICAP India enables market participants to manage exposure, execute strategies, and access liquidity with precision and confidence.
Instruments
- USD/INR spot
- Outright forwards
- Cross-currency swaps
- Currency options
- NDF market
- FX fixing- SpotFix (coming soon)
Client Types
- Banks (authorised dealers)
- Corporates
- Custodians
- Foreign portfolio investors
- Offshore participants
04
Risk Markets
Interest Rate Derivatives
Trading in INR swaps, FRAs, currency swaps, and structured interest rate products.
ICAP India offers market-leading intermediation in interest rate derivatives, enabling institutional participants to manage risk and execute sophisticated trading strategies across India’s financial markets. Our coverage includes INR swaps, Overnight Indexed Swaps (OIS), Forward Rate Agreements (FRAs), currency swaps, and structured interest rate products.
Leveraging our proprietary platforms such as I-Stream, we support real-time price discovery and electronic execution in key benchmark products, including OIS and FX-linked rates such as Mod-MIFOR. This allows participants to efficiently hedge interest rate exposure while navigating the intersection of currency and rates markets.
With deep market expertise and a strong focus on transparency, ICAP India plays a critical role in supporting liquidity, efficiency, and evolving standards within India’s derivatives ecosystem.
Instruments
- INR OIS (Overnight Index Swaps)
- Mod-MIFOR swaps
- Forward Rate Agreements (FRAs)
- Cross-currency swaps
- Structured interest rate products
- CCIL-cleared instruments
Client Types
- Banks
- Primary dealers
- Mutual funds
- Corporates
- Insurance companies
- Hedge funds