ICAP Plc, Eurex AG and MTS SpA are among six companies competing to offer a screen-based trading network for Europe's $2.8 trillion market for covered bonds, reports Bloomberg News.

The European Covered Bond Council, which represents borrowers and dealers, met with the companies in London to assess the bids for a platform making it easier to buy and sell the securities, said Richard Kemmish, head of covered bond origination at Credit Suisse Group.

Covered bonds are the main source of financing for European banks offering home loans. Trading ground to a halt in November as dealers avoided offering prices for the securities because of an exodus by investors concerned that the U.S. subprime mortgage crisis would spread to Europe. The Brussels-based ECBC attempted to encourage dealers back by tripling the amount they earn from the difference between bid and offer prices.

``We want to improve liquidity in the covered bond