18 February 2018
visit www.nextgenbanking.co.uk/

Bank of America expands use of SwapsWire

18 July 2007  |  1875 views  |  0 Source: SwapsWire

SwapsWire, the leading electronic confirmation system for OTC derivative transactions, announced today that Bank of America has expanded its use of SwapsWire to include its mortgage desk in New York and its Emerging Markets desk located in Mexico City.

Lee Turner, Bank of America's Secondary Trader, said, "SwapsWire has helped to streamline our daily pipeline hedging process, leading to quicker and more accurate confirms. We've been very pleased with SwapsWire thus far in both its ease of use and the amount of coverage it provides and have yet to transact with a counterparty who cannot confirm via SwapsWire. Once fully integrated with our trade structuring systems, this tool should prove invaluable in eliminating trade processing time and booking errors."

Chip Carver, SwapsWire's CEO, said, "We are pleased to see more clients taking up the service for the emerging markets. We were the first to offer electronic confirmation for Mexican Peso and Bank of America are an excellent endorsement for the product. So far, we have 9 banks, 5 brokers and many buyside clients actively using the Mexican Peso service, ensuring our interest rate service will continue to lead the market. We are delighted to see Bank of America expand their use of our service to include their mortgage desk."

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 means a significant reduction in operational risk.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit http://info.nice.comvisit www.ebaday.comvisit www.nextgenbanking.co.uk

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10730 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8406 views comments | 15 tweets | 42 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8109 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7836 views 3 | 9 tweets | 4 linkedin

Featured job

to £100K base, double OTE, benefits
London, UK

Find your next job