Electronic swap trades use FpML for first time

CHARLOTTE, NORTH CAROLINA -- Blackbird Holdings, operator of the Blackbird electronic market-place for over-the-counter interest rate derivatives, said in April the first swap trades had been completed on an electronic network using Financial products Mark-up Language (FpML).

The deals represent the first practical use between swap counterparties of FpML, which has been under development for three years. The trades were euro interest rate swaps conducted by several sets of counterparties, which

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