02 August 2007
 

SwapsWire announced today that ICAP Corporates LLC, Linkbrokers Derivatives Corp. (Linkbrokers), and TFS (TFS Derivatives Corp) are now live with North American Equity derivatives on its service. The latest addition completes the global rollout for all three brokers for Equity Derivatives. The three Brokerage houses are now using SwapsWire for electronic trade notification and confirmations for OTC equity derivative transactions in Asia, Europe and North America.

SwapsWire allows all parties to a trade to affirm and legally confirm the transaction within minutes of execution. Inter-dealer brokers use SwapsWire to send real time electronic notification to dealers, providing a generic STP mechanism integrated with legal confirmation.

Larry Rosenshein, Director of TFS Derivatives Corp, said, "Extending the use of SwapsWire's platform across our broker desks will greatly increase efficiency for us and our clients. SwapsWire has proven to be successful on our interest rate and our equity desks elsewhere, so we are pleased to add this service to our North American equity derivatives operations."

Because SwapsWire confirms full trade details with such speed and accuracy, execution misunderstandings and booking errors are caught immediately at source, and the cost of processing is reduced. SwapsWire also improves market efficiency by standardizing and clarifying complete trade terms, saving the Broker from negotiating each term with the counterparties on each deal.

David Casterton, Managing Director of ICAP Europe, said, "The implementation of SwapsWire across our interest rate derivative desks in Europe has successfully reduced potential errors and contributed greatly to the improved efficiency of these markets. It was a natural step to implement SwapsWire for North American equity derivatives."

Chip Carver, CEO of SwapsWire "The launch of Equity Options and Index Variance Swap confirmations in North America will help globalize operations in the OTC market for many dealers, brokers, money and fund managers worldwide. Statistics show that dealer-to-dealer trades are confirmed on trade-date 99% of the time using SwapsWire as their primary electronic confirmations platform. With ICAP, Linkbrokers, and TFS as major broker clients utilizing the platform, the benefits of our business model will become even more apparent in the Equity space."

18 Dealers recently updated regulators on their efforts to improve the efficiency of the equity derivatives market. Dealers committed to process at least 55% of eligible transactions between major dealers through electronic platforms during June 2007. In addition to focusing on the inter-dealer market, dealers committed to prepare a plan that outlines a broader client on-boarding strategy by July 31, 2007. Many dealers are already confirming equity derivative trades with buy-side clients on SwapsWire today, with the number of clients expected to grow rapidly. Buy-side clients enjoy use of SwapsWire free of charge.

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 +44 07970 050 8288
Kimihiko Matsuno +81 3 4360 8368

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