Icap, the world’s largest interdealer broker, has filed with the US derivatives regulator to launch a swaps trading venue, in the same week as the Financial Stability Board urged more progress in the migration of over-the-counter derivatives to electronic platforms.

Icap's application to launch a trading venue for OTC derivatives, known as a swap execution facility, has been lodged with Commodity Futures Trading Commission and will offer trading in interest rate swaps, credit default swaps, equity derivatives, commodities and non-deliverable forwards.