26 September 2006
 

London – SwapsWire, the leading electronic confirmation system, announced today that Nordea, the largest Nordic-region Bank, are now live and using the SwapsWire service to confirm its OTC interest rate derivative trades. Nordea is the 31st dealer that now automates its trade capture and confirmation using SwapsWire.

Erik Bo Hansen, Nordea’s Head of Global Fixed Income Trading, said, “Using SwapsWire means our derivatives trades are now fully captured and confirmed with our counterparts and brokers a few minutes after execution. SwapsWire saves our traders time – a fully automated interface to the Sungard Adaptiv system updates our online risk and means no need to key in trades by hand. The downstream savings are significant, and our operations managers have the comfort of seeing a big reduction in the number of documents awaiting completion.”

Chip Carver, SwapsWire’s CEO, added, “All the major dealers use SwapsWire to automate their trade processing. It’s a real testament to the product that Nordea has chosen to integrate SwapsWire into their trade workflow. SwapsWire confirms 99.9% of interbank trades on trade date. It is the system of choice for the OTC Derivative market.”

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 (T+0) 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, 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
Kimihiko Matsuno +81 3 4360 8368

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