10 October 2006
 

SwapsWire announced today that it has handled over 100,000 tickets in September - almost double the volume it reported in February this year. Since the beginning of the year, the company has repeatedly broken previous volume records.

Andy Hudis, Managing Director at Goldman Sachs, said, “SwapsWire is a crucial part of our operational risk strategy. By confirming trades on trade date, generally within minutes of execution, we are able to eliminate that part of the risk equation. The efficiencies we’ve gained have allowed us to handle a significantly higher volume of business without the associated increase in operational staffing costs. Our aim is to maximize the use of SwapsWire, and we are keen to see as many other dealers and clients using the system as possible. We expect to see the volume growth continuing.”

Chip Carver, SwapsWire’s CEO, said, “This volume growth demonstrates how the marketplace has recognized and embraced wholesale the SwapsWire model of real time confirmation. It is very satisfying to see the product we envisaged only a few years ago now so widely used”

SwapsWire attributes the volume growth to a combination of new dealers and clients using the
system, new products and features, and growth in the underlying OTC derivative markets. Three additional major dealers have started using the system in 2006, bringing the total number of participating dealers to 31. In addition, the system is used by inter-dealer brokers and buy-side clients at hundreds of sites globally, with the number of buy-side clients more than doubling in 2006. The system is free of charge to buy-side clients.

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 leads to cost saving and 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, 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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