City broker ICAP has handed the management of its European credit-trading platform to Accenture under a five-year application outsourcing agreement.

“This initiative is designed to increase the capabilities and cost efficiencies of our credit-trading platform in order to continue to drive growth in an increasingly dynamic and evolving global market place,” said James Dawson, business manager, credit products at ICAP.

Accenture will provide technology development and outsourcing services to ICAP through 50 locations of its Global Delivery Network.

“The leading capital markets firms today are focused on achieving the right balance of cost reduction, long-term operational excellence and opportunistic expansion,” said Lloyd Altman, a senior executive in Accenture’s Capital Markets practice.