
Institutional Deposit Corp. and ICAP Enter Into a Marketing Agreement for i-Feds Customers
Norwalk -- Institutional Deposit Corp. (IDC) and ICAP Capital Markets LLC, a unit of ICAP, the world’s premier interdealer broker, have entered into a marketing agreement which will provide banks trading on bankoxygen.com (formerly i-feds.com) with direct access to IDC's Insured Deposit Liquidity Account -- a fully FDIC-insured deposit program for investments up to $12 Million.
Through a link on bankoxygen.com, customers will be able to connect to IDC's innovative money market program which provides a Fed Funds alternative investment product. The Insured Deposit Liquidity Account offers expanded FDIC insurance coverage for investors through money market deposits with a large number of well-capitalized, FDIC-insured banks. The account accomplishes this through the convenience of a single account with a single statement with one daily yield, currently at 1.00%
Similar to how money market mutual funds allow investors to access a large number of issuers through a single fund, this Deposit Account allows investors to access a wide array of banks, all with the safety of investing in FDIC-insured deposits. Unlike Money funds, all the deposits in the account carry FDIC insurance. The Insured Deposit Liquidity Account has a network of banks large enough to provide each investor with $12 million of FDIC-insured deposits at any time and that number continues to increase as the Network is continuing to expand.
IDC also helps banks raise deposits with the convenience of a single account as well. IDC provides banks with a flexible program to raise deposits in an amount that is tailored to their needs and flexible over time. The group helps banks raise long term deposits at short term costs with flexibility to change deposit levels as a bank’s needs change.
IDC is already working with 400 banks nationwide.
About Institutional Deposits Corp.
Institutional Deposits Corp. (IDC Deposits) provides investing, funding, and fee income solutions to Banks through its innovative money market deposit program. The Insured Money Market Account allows banks to invest for their own account as well as offer expanded FDIC insurance on money market deposits to their customers. In addition, any banks that are interested in funding can purchase deposits at a low rate. For more information on our solutions, please visit our website at www.idcdeposits.com or contact Tom Nelson at 203-956-7115 or tom.nelson@idcdeposits.com.
About ICAP
ICAP is the world’s premier voice and electronic interdealer broker and the source of global market information and commentary for professionals in the international financial markets. The Group is active in the wholesale markets in interest rates, credit, commodities, foreign exchange and equity derivatives. ICAP has an average daily transaction volume in excess of $2.3 trillion, more than 40% of which is electronic. ICAP plc was added to the FTSE 100 Index on the 30th of June 2006.
For more information go to www.icap.com.
For more information about ICAP, please contact Guy Taylor at 212-341-9759 or guy.taylor@us.icap.com.
.
|