26 April 2007
 

SwapsWire announced today that its PBWire service now supports Equity Derivatives give-ups. PBWire enables executing brokers to trade share and index options and variance swaps with buy-side clients, and give those trades up to the clients’ prime-brokers. Earlier this year, SwapsWire was awarded OM Dream Team “Best Utility Technology Award” for 2006 for PBWire.

Interest rate and credit derivative give-ups are already supported on PBWire. The service allows buy-side clients, executing brokers and prime brokers to communicate give-up details in real time, and to ensure that trades are agreed and legally confirmed within minutes of execution, avoiding paper confirmations and the documentation backlogs which can otherwise result, and greatly reducing operational risk for all parties. Buy-side clients can confirm all their trades in a single screen whether traded direct or given up to one or more prime brokers.

SwapsWire is used today by 33 major dealers, and a large number of their buy-side clients for both direct and give-up trades.

Chip Carver, SwapsWire’s CEO said “Post-trade processing has many angles, and is becoming a more complex business for clients as they trade a wider variety of products. Our aim is to provide an integrated service which allows as much of this processing as possible to be handled in one place, with minimal fuss. SwapsWire is now the first and only venue where dealers and their clients can handle give-up and confirmation of multiple OTC asset classes.”

Volumes over SwapsWire have grown rapidly, with over 100,000 tickets booked for the first time in September.

About SwapsWire

Since 2002, the SwapsWire system has been automating legal confirmation, trade capture, and broker confirmation for multiple OTC derivatives products including interest rate swaps, forward rate agreements, overnight index swaps, caps, floors, swaptions, credit default swaps, equity options and variance swaps. Today hundreds of sell-side, buy-side, and inter-dealer broker sites in Europe, Asia and the USA use the system.

SwapsWire supports trade workflow of all types, with integrated trade-date legal confirmation, avoiding the traditional need to separate trade-date workflow/checkout from legal confirmation. Workflows supported include:
- Inter-dealer broker STP and confirmation
- Trade Capture
- Legal confirmation
- Prime Brokerage (Give-Up)
- Amendments, terminations, option exercise, corporate actions
- Allocations
- Novations

SwapsWire is owned by a consortium of 21 leading derivatives dealers: Bank of America, The Bank of Tokyo-Mitsubishi UFJ Ltd., Barclays Bank, Bayerische Hypo-und Vereinsbank, BNP Paribas, Calyon, Citigroup, IXIS Corporate and Investment Bank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC Bank Plc, J.P. Morgan Chase & Co., Lehman Brothers, Merrill Lynch, Mizuho Capital Markets, Morgan Stanley, The Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corporation, and UBS Investment Bank. For more information on SwapsWire, visit www.swapswire.com

Media Contacts:
SwapsWire Henry Hunter +44 (0)20 7071 0119
Amy Mihalakis 07970 050 828

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