Fra-Cross, Icap's Internet-based matching facility for crossing forward rate agreements (FRAs), is to use the SwapsWire network to confirm electronically matched trades.
The Icap system enables traders of interest rate swaps to input all unhedged positions on to the Fra-Cross Web site, which then automatically matches one exposed FRA with another.
Charlie Sabel, FRA-Cross project manager, says SwapsWire is being used to transfer trade information immediately after it has been completed.
"It will reduce errors and allow the banks to gain efficiencies in their front, middle and back office functions," he says.
SwapsWire says the addition of FRA-Cross transactions will increase the flow across the network, replacing current manual confirmation processes and allowing banks to gain efficiencies in the front, middle and back office.
The network, which is a consortium of 23 banks, went live with its straight-through-processing (STP) system in November 2002. Icap was the first interdealer broker to join.