UK-based Icap has revealed the launch of a foreign exchange post-trade service, backed by several of its largest customers, in what is the interdealer broker's latest move to diversify its product offering and capitalise on the rise in FX trading.

The FX aggregation system, a joint venture between the broker and settlement bank CLS Group, is being supported by eight of the largest investment banks including Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs and Morgan Stanley.