18 July 2007
 

Charlotte, North Carolina - SwapsWire, the leading electronic confirmation system for OTC derivative transactions, announced today that Bank of America has expanded its use of SwapsWire to include its mortgage desk in New York and its Emerging Markets desk located in Mexico City. SwapsWire was the first confirmation platform to go live with Mexican Peso swaps in 2005.

Lee Turner, Bank of America's Secondary Trader, said, "SwapsWire has helped to streamline our daily pipeline hedging process, leading to quicker and more accurate confirms. We've been very pleased with SwapsWire thus far in both its ease of use and the amount of coverage it provides and have yet to transact with a counterparty who cannot confirm via SwapsWire. Once fully integrated with our trade structuring systems, this tool should prove invaluable in eliminating trade processing time and booking errors."

Chip Carver, SwapsWire's CEO, said, "We are pleased to see more clients taking up the service for the emerging markets. We were the first to offer electronic confirmation for Mexican Peso and Bank of America are an excellent endorsement for the product. So far, we have 9 banks, 5 brokers and many buyside clients actively using the Mexican Peso service, ensuring our interest rate service will continue to lead the market. We are delighted to see Bank of America expand their use of our service to include their mortgage desk."

SwapsWire captures, verifies and confirms deals on-screen within minutes of execution, removing the need for manual processing of paper contracts. As well as the reduction in processing cost, confirmation on trade date means a significant reduction in operational risk.

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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