The US Depository Trust & Clearing Corporation (DTCC) credit default swaps (CDS)automated confirmation service has gone live with nine dealers.
Bear Stearns, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS are among the dealers using the trade confirmation service.
DTCC says virtually all standard credit default swap transactions can be accommodated by the service, which is fully integrated with Mark-It Partners' reference entity data (Red) service.
DTCC says the capability to do assignments and partial terminations will be the first major enhancement to the credit default swaps matching service.
Janet Wynn, managing director and general manager for DTCC's OTC Derivatives business area, says: "In early 2004, DTCC will be announcing plans to expand confirmation services to additional OTC derivative products and provision of new services for our entire community."
Dealer-backed confirmation network Swapswire launched its CDS service with five dealers last week.