01 October 2006
 

New York — SwapsWire announced today that it has been named the winner of the Best Utility Technology Award for 2006 by Operations Management for its PBWire service. PBWire was designed specifically to help automate the growing OTC trade give-up business. The award is part of the publication’s fifth annual Dream Team, recognizing top-notch financial industry operational efforts during the year. Other nominees in the category were Depository Trust and Clearing Corp. and FIX Protocol.

Chip Carver, SwapsWire’s CEO, said, “We are delighted that PBWire has been recognised with such a prestigious award. Although we, and the dealers who use it, know that PBWire is an exceptional product, it means a great deal to have an independent source actually research the market and to decide that it deserves the 2006 Best Utility Technology Award."

Catherine Bartzos, JPMorgan’s Interest Rate Derivative Prime Brokerage Product Manager, said “We have worked closely with SwapsWire throughout the development of PBWire, and are pleased to see them winning this award. JPMorgan Prime Brokerage is committed to offering our clients the best possible service, and PBWire provides real time certainty for give-up trades and confirmations thus reducing the operational risk to all parties involved. Interest Rate Derivative trades given up through PBWire are completely automated allowing us to focus on the business needs of our clients.”

PBWire is an extension of the original SwapsWire platform. Give-up trades can be fully agreed in real time between clients and executing brokers, avoiding the need for trade data to be re-matched by the prime broker, and completely automating legal confirmations between all parties in the process.

Other organizations that received recognition by Operations Management for their contributions over the past year to the financial industry’s operational efforts included Northern Trust for Best Operations Innovation, Federal Reserve Bank of New York as Operations Leader, Communicator as Vendor of the Year, and, the International Swaps and Derivatives Association for Best Teamwork.

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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