At launch, buy-side institutions will be able to trade with a total of eight banks on the platform via their chosen sponsor dealer. Other liquidity providers on the platform include BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, HSBC, Lloyds Bank Commercial Banking, Société Générale Corporate and Investment Banking and UBS AG.

MTS Swaps will provide a multi-lateral environment for electronic swaps trading, giving buy-side participants sponsored access to the best prices available in the market. The platform will offer interest rate swap trading via request for competitive quote (RFCQ) and executable prices, delivering certainty of execution, a simplified post-trade process and reduced operational and counterparty risk. MTS Swaps will support the full trade lifecycle from pre-trade price discovery and execution to post-trade reporting and connectivity to clearing.

Jack Jeffery, CEO of MTS, said: "The launch of MTS Swaps builds on 25 years of experience in operating electronic fixed income markets. We are delighted that BBVA has joined the founding group of liquidity providers who will be able to offer their buy-side clients access to trade interest rate swaps in an electronic multilateral environment."

Antonio Torralba, Head of European Flow Trading at BBVA, said: "MTS Swaps gives our clients the multilateral market model and access to multi-dealer liquidity required in the evolving regulatory landscape whilst maintaining their anonymity through sponsored access. It enables us to strengthen relationships with our clients by providing them with instant access to liquidity and an efficient and transparent trading environment for interest rate swaps."