21 December 2005
 

New York - Bloomberg, the leading global provider of news, data and analytics, today announced that Bloomberg SwapTrader, the multi-dealer swaps trading platform delivered via the Bloomberg Professional® service, is now linked directly into SwapsWire, an industry-backed electronic processing platform for the OTC derivatives market.

A direct link to SwapsWire provides Bloomberg users with the advantages of dealer-based liquidity and the advanced data and analytics found on the Bloomberg Professional service, along with the added efficiency that SwapsWire provides in OTC derivative affirmation. The combination provides a powerful execution and Straight-Through Processing ("STP") tool for derivatives professionals.

“The addition of a SwapsWire link reflects Bloomberg’s leadership in electronic trading of derivative products,” said Russel Levi of Bloomberg. “By integrating with SwapsWire and other market leaders, we provide Bloomberg users with an unmatched analytic, execution and processing solution for interest rate swaps. This efficiency will drive the growth of this market and reflects our commitment to continually add value to the all-inclusive Bloomberg Professional service.”

“The availability of SwapsWire via Bloomberg, the most widely used platform, further enhances the abilities of the SwapsWire platform for our dealer-buy side traders,” said Chip Carver, Chief Executive Officer of SwapsWire. “Adding a link into Bloomberg’s SwapTrader allows us to deliver an end-to-end solution to the OTC market with complete automation, efficiency and accuracy.”

"SwapsWire provides the definitive market standard for the STP of interest rate swaps for interbank, end user and prime broker dealers. Bloomberg's link to SwapsWire will reduce operational risk while increasing the efficiency of electronic trading. We are excited that we are ready to offer this capability to our broad client base," said Michael Davie, COO of European Credit and Rates Markets at JPMorgan.

Paul-Henry Bacher, Head of Electronic Trading and Services at Credit Suisse First Boston – London, said: “CSFB welcomes this additional functionality, which coincides with our straight-through-processing objectives for OTC derivatives trading. This will further streamline our existing workflow by allowing simultaneous electronic trade-capture and confirmation of our trades via SwapsWire.”

"The RBS electronic trading strategy has always emphasized the importance of competitive pricing, fully automated execution and STP," said Jamie Salamon, eCommerce Product Manager at Royal Bank of Scotland. "It is our view that STP is an essential component of the electronic trading arena and to combine the benefits of Bloomberg Electronic Trading with SwapsWire for post trade confirmations will offer great advantages for our clients. Integrating the two market standard platforms and adding the automated pricing RBS can offer is, we believe, a very powerful combination,"

About Bloomberg

Bloomberg is the leading global provider of data, news and analytics. The BLOOMBERG PROFESSIONAL® service and Bloomberg's media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package to corporations, news organizations, financial and legal professionals and individuals around the world. Bloomberg's media services include BLOOMBERG NEWS®, the global news service with more than 1,800 journalists in 125 bureaus worldwide; BLOOMBERG TELEVISION®, the 24-hour business and financial network produced and distributed worldwide on ten separate channels in seven languages; and BLOOMBERG RADIOSM, which provides up-to-the-minute news on XM, Sirius and WorldSpace satellite radio around the world and on WBBR 1130AM in New York. In addition, BLOOMBERG PRESS® publishes books for investment professionals. For more information please visit www.bloomberg.com.

Bloomberg L.P. trading systems are available only to market professionals/professional investors and not to private customers or individuals, and are available only where permitted under applicable legal and regulatory requirements.

Media Contacts:
SwapsWire Henry Hunter +44 (0)20 7071 0119

About SwapsWire

The SwapsWire system, which has been operating since October 2002, supports trade capture, broker confirmation and counterparty confirmation for multiple OTC derivatives products including interest rate swaps, forward rate agreements, overnight index swaps, caps, floors, swaptions, credit default swaps and equity options. The system is being used at over 100 sell-side, buy-side, and inter-dealer broker sites in Europe, Asia and the USA.

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

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