SwapsWire launches automated credit derivatives confirmation service
SwapsWire, the UK-based electronic trading platform backed by 23 leading international banks, has developed an automated confirmation-delivery system for credit default swaps (CDS). It believes the service should ultimately reduce processing time from several days to minutes.
SwapsWire allows the existing term sheet, voice checkout and written confirmation steps to be combined into one action, performed soon after the trade is executed. This should reduce operational risk and costs. SwapsWire said it has already identified at least one trade mismatch, a process that typically takes days to identify.
The system supports CDS trades in Europe and the Americas, with support for the Asia-Pacific region planned for next year.
SwapsWire can be used as a standalone service or be fully integrated into existing dealer infrastructures.
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