SwapsWire Extends OTC Derivatives Processing System to Buy-side Clients
SwapsWire, the bank-backed network for OTC derivatives processing, has extended its service to buy-side clients. Until now, the service has been widely used for same-day confirmation between dealers and inter-dealer brokers. The network supports trade capture, broker confirmation and counterparty confirmation for multiple OTC derivatives products. It is backed by a consortium of 22 derivatives dealers. ‘We believe that our clients will benefit significantly from the operational risk reduction we have been able to achieve using SwapsWire,’ said Ken Tremain, managing director of Citigroup’s North American Rate Trading.