Prebon Yamane goes live with SwapsWire in Tokyo

The brokerage will offer clients the ability to access SwapsWire for the reconciliation and execution of yen-denominated interest rates swaps through its joint-venture company in the country, Yamane Prebon Co.

“We are excited to be able to offer this service to our clients as it enables them to reconcile and legally affirm trade details within minutes of execution, saving both time and processing costs with a greatly reduced risk of error,” said Len Harvey, Prebon Yamane's chief executive, Asia-Pacific.

Harvey said Prebon Yamane is committed to automating data flows to clients where possible. “We have invested heavily in our technology infrastructure to enable us to bring this service to our clients in Japan as soon as it was available," he said.

SwapsWire - backed by a consortium of 23 leading derivatives dealers - is an electronic communications network that supports the trade of over-the-counter derivatives from booking to automated confirmation and reconciliation.

SwapsWire is increasingly viewed as the market standard for electronic processing of rate swaps. "We are pleased to have now expanded our footprint into Asia with our recent launch in Tokyo,” said Chip Carver, chief executive of SwapsWire.

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