SwapsWire Expands Board Membership and Launch Plans, Gains Regulatory Approval
SwapsWire, the OTC derivatives dealing platform owned by a 23-bank consortium, today announced that its Board of Directors has been expanded from nine to thirteen directors. Three of the new directors come from shareholders Bank of America, Credit Agricole Indosuez, and Lehman Brothers. SwapsWire will launch its electronic dealing platform for the multi-trillion dollar interest rate swaps market with a larger group of dealers than originally planned later this year. Initial plans had called for nine founder members to participate in the launch in Europe, with Euro and US Dollar swaps. The launch group has now been expanded to as many of SwapsWire’s shareholders as possible, expected to be around twenty institutions. The initial product covering will be Euro and Sterling interest rate swaps, with other European currencies following quickly. US Dollar swaps will be launched at the same time as New York based dealers are brought on to the system, expected to be two to three months after the European launch.