Reuters to trial swaps trading system

Reuters to trial swaps trading system

Reuters has announced a beta programme launch of "Dealing for Swaps", its Internet Protocol (IP)-based peer-to-peer trading service for the global Overnight Index Swaps (OIS) market.

The trading service is a secure browser-based solution that operates on the existing Dealing 3000 key-station and runs over the Radianz network. The beta programme of Dealing for Swaps is being previewed at the ACI as an open invitation for organisations to sign-up as test partners for the live pilot, which commences in August.

The news and information group says it has worked closely with the OIS community to develop the product so as to meet the needs of both banks and individual traders. It has been designed for OIS traders to automate their workflow, structure trade negotiations and reduce processing costs, says Reuters. The platform allows for customisation to a specific trader’s market and trading needs and features electronic deal capture through a forms-based system.

The system utilises the XML-based financial products mark-up language FpML and can be linked to the Reuters Kondor+ risk management system; this in turn gives the potential for connectivity to the Diagram back office event management application, providing true end-to-end straight-through processing, says the company. Connectivity to other third party systems is also possible.

Mark Robson, Reuters director business development money transaction solutions says: "Developed in close consultation with key market participants, these enhancements to Dealing 3000 will extend the benefits of cost reduction, error minimisation and the eradication of operational risk into the OIS instrument class."

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