26 July 2006
 

London - SwapsWire announced today that it has recently passed the 100 installation mark for InterDealer Broker locations globally. With 40 brokers in 12 countries supplying electronic trade submission for 30 dealers via the platform, SwapsWire has become the standard for dealers to receive instant electronic messages for OTC derivative trades from their inter-dealer brokers. New dealers connecting to SwapsWire are instantly connected to this deep network of IDB's, and can use a single STP interface to receive trade details in standardized format. Each time a new broker is connected, existing dealers automatically start receiving trades from that broker without the need for additional integration work.

Chip Carver, SwapsWire’s CEO, said “SwapsWire is unique in providing an integrated broker and bilateral legal confirmation service which allows all parties to a trade to sign off fully within minutes of execution. There is no need for further downstream matching or documentation. The level of participation is testament to the success of this model, which has been running now for almost four years.”

The volume of broker confirmations on SwapsWire has been steadily increasing. Since the start of 2005, over half a million broker confirmations have been completed on SwapsWire. The first broker to provide STP through SwapsWire was ICAP, the world’s largest interdealer broker, who connected up in November 2002.

David Casterton, London-based Managing Director at ICAP commented “We are delighted to have been the first broker to install the SwapsWire system and to have contributed to the success of this industry initiative. SwapsWire is now firmly established as the STP delivery mechanism of choice for the Interest Rate Derivative market and has contributed greatly to the improved efficiency of these markets worldwide.”

Tullett Prebon connected up to SwapsWire in early 2003. Angus Wink, Managing Director for Tullett Prebon’s European Rates business said “SwapsWire has been an integral feature of Tullett Prebon’s service offering to our global client base, across the many locations where we operate. The system has had a huge impact on the operational efficiency of these markets, and the vast majority of our trades are now automatically confirmed over SwapsWire in minutes.”

GFI Group has been using SwapsWire for both interest rate and equity derivatives, and was one of the first brokers who were connected to SwapsWire in Tokyo when its equity derivatives service was extended to that market in May of this year. GFI is now using SwapsWire in London, Paris, New York, Tokyo, Hong Kong and Singapore. Patrick Murphy, Head of Operations, Europe at GFI Group said “Our ability to use a single interface to connect to our clients globally across multiple asset classes is a huge step forwards, and allows us to offer an unparalleled level of service. The system has helped us work with our clients to improve their STP and operational efficiency for OTC derivatives.”

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. SwapsWire is used by dealers, inter-dealer brokers and buy-side clients in Europe, the US, and Asia for OTC derivative products including interest rate, equity and credit derivatives.

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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