SwapsWire launches trade confirmation service in Korea
30 May 2007 | 2008 views | 0
SwapsWire announced today that it is rolling out its service in Korea this month.
Tullett Prebon Money Brokerage (Korea) Limited (Tullett Prebon) and BGC Capital Markets and Foreign Exchange Broker (Korea) Limited (BGC) are the first interdealer brokers to use SwapsWire in their Korean offices to provide trade confirmation and STP for their dealing clients.
SwapsWire has established itself as the OTC confirmation service of choice in Japan and Asia, with a wide user base in Tokyo, Hong Kong, Sydney and Singapore. In Korea, SwapsWire is setting the pace, with all the key inter-dealer brokers and dealers planning to take up the service. Globally, there are more than 30 dealers and more than 40 inter-dealer brokers using SwapsWire, in addition to hundreds of buy-side clients.
SwapsWire has added support for Korean Won Interest Rate Swaps in both deliverable and non-deliverable format. Non-deliverable swap trades have all settlement amounts converted to US dollars at the time of payment. Typically the swaps are traded in deliverable form on-shore, and non-deliverable form off-shore.
Paul Jin, Tullett Prebon Money Brokerage (Korea) Limited's CEO, said, "As one of the first major broking houses to go live in Korea, Tullett Prebon welcomes the automated, online confirmation service. It will eliminate errors for all the parties involved in the trades, allowing us to tie-out and confirm trades within minutes of execution. We will be working with SwapsWire to roll out the service to the other main players in the market here."
Barry Emmerton, BGCs Regional Operations Manager, said, "We are pleased with the efficiency brought by the SwapsWire service. By allowing our brokers to confirm their trades in real time, we have lightened the load for our back office at the same time as offering a superior service to our clients."
One of the first dealers to use SwapsWire for Korean swaps will be The Royal Bank of Scotland. Kenneth Kan, their Head of Asian Emerging Markets said "We have seen strong demand from buy-side clients for this product on SwaaapsWire. We are very happy to be able to lead the way by supporting these clients from the outset."
Terence Tay, Deutsche Bank's Director, Global Rates Trading said, "The Korean swap market is one of the most active in Asia. Automating our post-trade processing through SwapsWire gives us the benefits of trade-date confirmation which we've already seen make a huge difference in Europe and the US."
Chip Carver, SwapsWire's CEO, said, "We are delighted with the way our service has been received in Asia. The market there is beginning to see how their front and back offices can operate much more easily and efficiently when trades are automatically confirmed at the time of execution. We envisage continued high growth in the region."