Deutsche Börse subsidiary Xlaunch to power Swapstream launch

Deutsche Börse subsidiary Xlaunch to power Swapstream launch

Deutsche Börse subsidiary Xlaunch is to provide managed technology and network services to Swapstream, a new trading platform for the OTC market from Swiss broker-dealer Gottex.

Set for launch in Q2 2003, Swapstream is being established to provide a neutral venue for electronic price discovery, price dissemination, order and trade management and negotiation for the interest rate derivatives markets.

Under the agreement with Xlaunch, the Swapstream trading application will be hosted in Deutsche Börse Group's high performance data centre in Frankfurt. The agreement also includes the build up and operation of a secure telecommunications network to connect Swapstream's customers to the platform as well as the set-up of a technical help desk for all Swapstream participants.

Marcus Grubb, chief executive of Swapstream describes the agreement as a major milestone for the venture, which has been on and off the starting blocks since late last year. "The partnership will deliver a ground-breaking, state-of-the-art real time trading system," he says. "Our combined efforts will bring vast improvements and savings to the way trading is currently transacted without changing the nature of the marketplace."

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