Dealer-backed confirmation network Swapswire has signed up 12 firms for a new automated confirmation service for OTC equity option transactions.
Barclays, BNP Paribas, Calyon, Citigroup, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs, JPMorgan, Merrill Lynch, Societe Generale and UBS have all agreed to use the service, which is expected to launch in the second quarter of the year.
SwapsWire allows deals to be captured, verified and confirmed on-screen within minutes of execution, removing the need for manual processing of paper contracts. The network is already used by 45 dealers, inter-dealer brokers and buy-side clients in Europe, the US and Asia for interest rate and credit derivatives.
The system also supports new trade and trade-life cycle events including amendments, increases and decreases, terminations, exercises, assignments and corporate actions.
Commenting on the new service for equity derivatives, Chip Carver, CEO of SwapsWire says: "Firms will be able to use the existing infrastructure they have in place. SwapsWire can scale its successful platform to offer these new services at very competitive levels."
Peter Noha, MD, global equity derivatives, Deutsche Bank, London, says: "SwapsWire will allow us to receive our trades direct from our inter-dealer brokers in real time."