UK electronic confirmation service SwapsWire has added confirmation of Japanese over-the-counter equity options to its product offering.Four dealers and four interdealer brokers have signed up for the service and will use it for electronic trade confirmation. SwapsWire said it already offers a similar service in Europe, and the next step is to roll it out elsewhere in Asia, followed by the US.
It added that moving from paper contracts and manual processing to electronic confirmation will cut processing cost, processing time and operational risk.
One of the system's users will be BNP Paribas. The bank's Japanese head of equity and derivatives trading, Olaf Kasten, commented: "We use the system extensively for our European OTC equity business and have realised significant operational efficiencies, and virtually eliminated confirmation risk. We are happy to now be able to start using the system in Japan.”
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