TruEX completes first electronic Mexican peso swap transaction

Source: truEX

trueEX, the fastest growing swap execution facility (SEF), has created another industry innovation with the execution of the first dealer to client Mexican peso (MXN) interest rate swaps trades on its award-winning platform.

Societe Generale Corporate and Investment Bank (SGCIB), and undisclosed institutional investors completed the transactions late in December and January; the first buy-side trades to be electronically executed.

Mexican swaps are widely traded and are increasingly cleared at CME Group, where they represent the fourth largest cleared currency. trueEX is currently the only dealer-to-client platform that offers the ability to execute and clear MXN swaps.
“We’re delighted to have executed the first electronic MXN client IRS trades on trueEX,” said Issam Gargouri, Vice President, Emerging Markets Trader at SGCIB. “This innovation is a further illustration of how Societe Generale continues to extend its leadership role in the global swaps markets to the benefit of an ever-expanding institutional client base.”

“Delivering services that the buy-side demand is a hallmark of trueEX,” said Sunil Hirani, CEO of trueEX. “Mexican peso swaps are and will continue to be significant value added for our clients and we will continue to innovate in emerging markets.”
Industry veteran Ian Joseph will lead trueEX’s expansion into Latin America. He brings extensive relationships and experience in emerging markets to the role.

Comments: (0)