SwapsWire, the leading electronic confirmation system, announced today that Nordea, the largest Nordic-region Bank, are now live and using the SwapsWire service to confirm its OTC interest rate derivative trades.
Nordea is the 31st dealer that now automates its trade capture and confirmation using SwapsWire.
Erik Bo Hansen, Nordea's Head of Global Fixed Income Trading, said, "Using SwapsWire means our derivatives trades are now fully captured and confirmed with our counterparts and brokers a few minutes after execution. SwapsWire saves our traders time – a fully automated interface to the Sungard Adaptiv system updates our online risk and means no need to key in trades by hand. The downstream savings are significant, and our operations managers have the comfort of seeing a big reduction in the number of documents awaiting completion."
Chip Carver, SwapsWire's CEO, added, "All the major dealers use SwapsWire to automate their trade processing. It's a real testament to the product that Nordea has chosen to integrate SwapsWire into their trade workflow. SwapsWire confirms 99.9% of interbank trades on trade date. It is the system of choice for the OTC Derivative market."
SwapsWire captures, verifies and confirms deals on-screen within minutes of execution, removing the need for manual processing of paper contracts. As well as the reduction in processing cost, confirmation on trade date (T+0) means a significant reduction in operational risk.