SwapsWire Seal Swapstream Deal
An agreement has been reached allowing Swapstream, the trading platform for swap and OTC (over-the-counter) derivatives, to interface with SwapsWire, the integrated electronic processing network for derivatives. Deals executed on Swapstream by banks and brokers will be fed to the SwapsWire network for trade capture and confirmation. The agreement means that banks that use the Swapstream execution platform will be able to take advantage of SwapsWire for straight-through trade processing. The inter-dealer broker community will also be able to use the Swapstream trading platform as an efficient means to access the SwapsWire processing network to confirm brokered swap transactions between members. The Swapstream marketplace is expected to go live in Q2 2003 and will be the first neutral trading platform for the swap and OTC derivatives trading and broking community. The platform will provide for electronic price discovery, price dissemination, order and trade management and negotiation for the interest rate derivatives markets.