Swapstream forges STP interface with SwapsWire

Swapstream forges STP interface with SwapsWire

Swapstream, the soon-to-be-launched trading platform for swap and OTC derivatives from Swiss broker Gottex, has reached an agreement to interface with dealer-backed confirmation network SwapsWire.

Under the agreement, deals executed on Swapstream by banks and brokers will be fed to the SwapsWire network for trade capture and confirmation.

Marcus Grubb, chief executive of Swapstream, says: "The agreement is a major step forward in establishing a fully integrated electronic execution and processing infrastructure for the interest rate derivatives marketplace."

The Swapstream marketplace is expected to go live in Q2, 2003 and will provide for electronic price discovery, price dissemination, order and trade management and negotiation for the interest rate derivatives markets.

SwapsWire is currently being used at twenty eight sites in Europe and the US supporting derivatives in the major trading currencies.

Chip Carver, CEO of SwapsWire comments: "SwapsWire’s ability to act as an interface between banks, interdealer brokers, and now electronic execution services is proving the value of a coordinated approach."

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