The London Stock Exchange has extended its UnaVista service to the swaps market, automating the trading of CFDs and other equity derivatives and enabling users to communicate and match data through the platform.
The UnaVista Swaps Portal - currently being piloted by a group of hedge funds, prime brokers and executing brokers - is connected to the LSE's Fix Gateway, providing access to an international pool of over 200 brokers and buy-side firms.
The service allows each party to send orders, allocations and cash trades which can be normalised, validated and matched automatically, while strict data segregation ensures all compliance rules are met.
It can also provide real-time MIS reporting to view counterparty performance and data can be transmitted in any format, including Fix, Swift, automated file uploads or through a Web browser which no technical installation, says the exchange.
Mark Husler, head, information services business development, LSE, says: "The new swaps portal from UnaVista eliminates the need for time consuming, manual processes such as emails and faxes. It enables both small and large firms to connect cost-effectively, and provides the ability to match trades and resolve exceptions on trade date."