24 February 2018
visit www.nextgenbanking.co.uk/

Swapswire signs five to credit default swap confirmation service

19 November 2003  |  4647 views  |  0 Swapswire signs five to credit default swap confirmation service

Dealer-backed confirmation network SwapsWire has signed up five dealers to its newly-launched automated credit default swap (CDS) confirmations services.

Swapswire says the five dealers have begun sending CDS confirmations between themselves using the service. The system allows dealers to confirm trade details between each other using standardised terms and defaults in either short or long form.

The new service supports confirmation of corporate and sovereign CDS trades for European, North American, Latin American and Central and Eastern European reference entity names, with support for Asia Pacific to follow shortly. Mark-It Partners' reference entity (Red) database is fully integrated and users can also load their own reference data.

Typically CDS trades take several days to be confirmed using the current fax-based process but the SwapsWire service offers confirmation within minutes of execution. The trade booking is initially taking place in parallel with the banks' existing confirmation process.

Chip Carver, CEO of SwapsWire, says: "Our setup allows dealers to agree quickly the legal confirmation and to know that they have the exact same trade details in their respective systems."

The service uses the recently published ISDA FpML 4-0 XML-based protocol to support the electronic confirmation of transactions.

Swapswire says a number of dealers will start to use the system to completely replace their existing confirmation process from November 20th.

In a seperate announcement, French trading technology vendor Ubitrade has added a credit default swaps module to its Tradix system. The system provides a pricing screen using standard models such as JP Morgan and pricing models dedicated to the CDS basket (Hull & White and Copulas), and offers market data capture and deal capture in conformance with Isda standards.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Summit forges tight integration with SwapsWire

Summit forges tight integration with SwapsWire

23 May 2003  |  3516 views  |  0 comments
Cantor Fitzgerald connects derivatives brokers to SwapsWire

Cantor Fitzgerald connects derivatives brokers to SwapsWire

15 May 2003  |  3636 views  |  0 comments
Icap's Fra-Cross to use SwapsWire for trade confirmations

Icap's Fra-Cross to use SwapsWire for trade confirmations

09 May 2003  |  5260 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comvisit www.nextgenbanking.co.ukVisit https://www.capgemini.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12139 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10464 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8863 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8318 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7936 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job