Swapstream, the only multilateral electronic trading platform for medium and long term interest rate swaps (IRS), announced today the addition of Banco Santander Central Hispano, WestLB, and ING Bank as new users next to the existing banks and brokers on the platform.
Swapstream is the neutral provider of the only multilateral platform that facilitates trading for all IRS market participants. The company currently offers the greatest liquidity (€800 million on bid and offer) and most competitive and tightest spreads in the electronic IRS industry.
"We welcome all our new participants with great enthusiasm," said Stephane Rio, CEO at Swapstream. "We believe their participation lends tangible support to what we have identified as a shift in the market towards electronic trading, as intelligently applied technology can now meet the unique needs of the IRS market."
"Swapstream stands out as a clear market leader among IRS platforms, allowing us to manage and direct our own liquidity through superior functionality like integrated futures-cross trading," said Head of IRS and Government Bonds Peter Millington at Banco Santander, the first Spanish bank to sign on to Swapstream. "We have full confidence that our trading activity will be enhanced through our participation and look forward to an enduring relationship with Swapstream."
"Swapstream demonstrated a firm understanding of our need in the current market environment for tools that allow us the benefit of firm prices and extensive liquidity, combined with all types of trading and negotiation specifically tailored to the IRS market," said Stefan Hachmeister, Head of EUR Fixed Income at WestLB AG. "Swapstream is truly multilateral and, with its leading functionality, is a unique offer in electronic trading of medium and long term IRS."
"In evaluating the options available for electronic trading in the IRS market, we looked for a platform that offers significant liquidity and sophisticated functionality," said Bob de Wit at ING Bank. "In today’s increasingly complex market, Swapstream has the potential to provide considerable benefits to us through its fully integrated futures cross trading and its commitment to providing an environment that mirrors how we trade today."