SwapsWire, the dealer-backed network for OTC derivatives processing, has extended its service to buy-side clients.
Up until now, the SwapsWire service has been used for same-day confirmation between dealers and inter-dealer brokers.
The firm has now created a system designed specifically for buy-side users, with the first client already using the system for same day processing of IRS and CDS trades. Half a dozen other buy-side clients are expected to complete preparations shortly.
The new version provides direct access for custodians and fund administrators, easing the process of communicating trade data between fund managers and administrators. Dealers are also able to use existing dealer-to-dealer links to send trade data to buy-side clients.
Buy-side clients can use a API or spreadsheet tools to integrate SwapsWire with existing systems. The system can also be used on a standalone basis.
Chip Carver, CEO of SwapsWire, says: "Adding these new capabilities means anyone involved in the OTC business can benefit from automation."
Swapswire says 98% of the trades confirmed on its existing dealer-to-dealer service in the month of May were completed in T+0.