16 April 2007
 

Robert Samuels, Alliance & Leicester Settlements Manager, said: "We are always looking at ways to help improve our efficiency and to reduce any operational risk. SwapsWire has transformed the way we process our trades and they can now be completed with a few clicks shortly after the trade has been executed. It is a great comfort to know on any given trade date that we have a fully documented trade."

Alan Brown, Nationwide's Head of Treasury Controls, said, "Once we had set it up we found SwapsWire easy to use. The screen layouts are well designed and straight forward to check. The confirmations come through soon after dealing and getting rid of the masses of paper associated with the traditional swaps confirmation process has been a major plus. We're more efficient, we're managing our Operational Risk and there are no transaction costs."

Jonathan Webb, Skipton's Treasury Development & Reporting Manager, commented, "It was an easy decision to start using SwapsWire.   The main driver for us was removing the paper based trade confirmation process, which was both slow and time consuming.   This has enabled us to further streamline our confirmation processes and free up more time which is very important, especially in a relatively small treasury operation function such as ours."

Chip Carver, SwapsWire's CEO, said, "We are delighted to widen the breadth of our client base and the fact that we are growing as quickly as we are proves the value our products are providing to their users.   Trade volumes on SwapsWire have been growing steadily, roughly doubling every twelve months."  

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, and equity derivatives.   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.

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

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