Swapstream and SwapsWire join forces for interest rate swaps processing
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The agreement means banks using the Swapstream execution platform will be able to take advantage of SwapsWire for straight-through trade processing. SwapsWire, built by a consortium of 23 derivatives dealers, allows brokers and dealers to confirm deals in real time between each other electronically.The inter-dealer broker community will also be able to use the Swapstream trading platform to access the SwapsWire processing network to confirm brokered swap transactions between SwapsWire members.
The Swapstream market-place is expected to go live in the second quarter of this year, and will be the first neutral trading platform for the global swaps and OTC derivatives trading and broking community. The platform will offer electronic price discovery, price dissemination, order and trade management and negotiation for the interest rate derivatives markets.