Tullett Prebon Information (TPI), a leading provider of independent real-time price information from the global OTC financial and commodity markets, today announced the launch of its aggregated swap data repositories (SDR) data feed for the interest rate swaps (IRS) market.
The service aims to increase price transparency, in accordance with the Dodd-Frank Act, by making pre- and post-trade data available together in an easy-to-consume and consistent format.
The feed provides a comprehensive view of the market by combining standardised post-trade data with pre-trade bids and offers. It includes post-trade prices and volumes from the Depository Trust & Clearing Corporation (DTCC), one of the most widely used SDR for the IRS market. This complements TPI's own indicative IRS data, an industry standard for over 20 years. The SDR data and the indicative data are easily distinguished by separate records. By consolidating this data, TPI better equips buy-side and sell-side firms to conduct analysis, evaluate risk and plan an effective interest rate swap strategy.
The service covers IRS fixed/float, OIS and Basis Swaps across all major currencies and is available via TPI's proprietary SURF feed on a real-time, intraday and end-of-day basis. TPI will extend the service to include other SDRs, so firms will be able to benefit from consolidated data from multiple sources in a single vendor feed.
Commenting on the deal, Frank Desmond, managing director at Tullett Prebon Information, said: "Regulatory change, notably the Dodd-Frank Act, has resulted in increasing levels of electronic trading in interest rate swaps which in turn is driving demand for transparency in this evolving market. With SEFs publishing trades on designated repositories, firms need ways to access this information and plug it into their own analytics and trading activities. The problem is, in its raw form, SDR data is not always sufficient or even easy to digest. By standardising it and adding in our own indicative feed, firms have access to an in-depth market view from a service they already rely upon and trust."