SwapsWire launches automated credit derivatives confirmation service

Five undisclosed banks have already tested the system for the past week. They now intend to fully replace their existing processes. More banks are likely to sign up to the service by the end of the year, said SwapsWire chief executive Chip Carver.

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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