Online fixed income exchange Thomson TradeWeb is offering integrated electronic confirmation of OTC derivatives transactions via an agreement with dealer-backed SwapsWire.
Under the agreement, trades executed via TradeWeb are seamlessly passed through to SwapsWire for automated confirmation. TradeWeb users can access the SwapsWire application from a window on their dealing screen, thereby providing an access point for the middle and back office.
TradeWeb launched its interest rate swap platform in Europe in February 2005 and in the US seven months later. The system now provides over 175 clients with access to a growing pool of liquidity provided by 10 dealers worldwide.
Lee Olesky, president of Thomson TradeWeb, comments: "As we continue to expand our derivatives product capabilities, the need to advance post-trade processing is critical and this interface ensures we will be able to meet market expectations."
SwapsWire announced a similar electronic hook-up with Bloomberg's SwapTrader platform on Professional terminals last month.
The latest agreement comes weeks after the Depository Trust & Clearing Corporation (DTCC) outlined plans to create a central industry trade information warehouse for post-trade processing of OTC derivatives transactions.