Bloomberg, the leading global provider of news, data and analytics, today announced that Bloomberg SwapTrader, the multi-dealer swaps trading platform delivered via the Bloomberg Professional service, is now linked directly into SwapsWire, an industry-backed electronic processing platform for the OTC derivatives market.
A direct link to SwapsWire provides Bloomberg users with the advantages of dealer-based liquidity and the advanced data and analytics found on the Bloomberg Professional service, along with the added efficiency that SwapsWire provides in OTC derivative affirmation. The combination provides a powerful execution and Straight-Through Processing (STP) tool for derivatives professionals.
"The addition of a SwapsWire link reflects Bloomberg's leadership in electronic trading of derivative products," said Russel Levi of Bloomberg. "By integrating with SwapsWire and other market leaders, we provide Bloomberg users with an unmatched analytic, execution and processing solution for interest rate swaps. This efficiency will drive the growth of this market and reflects our commitment to continually add value to the all-inclusive Bloomberg Professional service."
"The availability of SwapsWire via Bloomberg, the most widely used platform, further enhances the abilities of the SwapsWire platform for our dealer-buy side traders," said Chip Carver, Chief Executive Officer of SwapsWire. "Adding a link into Bloomberg's SwapTrader allows us to deliver an end-to-end solution to the OTC market with complete automation, efficiency and accuracy."
"SwapsWire provides the definitive market standard for the STP of interest rate swaps for interbank, end user and prime broker dealers. Bloomberg's link to SwapsWire will reduce operational risk while increasing the efficiency of electronic trading. We are excited that we are ready to offer this capability to our broad client base," said Michael Davie, COO of European Credit and Rates Markets at JPMorgan.
Paul-Henry Bacher, Head of Electronic Trading and Services at Credit Suisse First Boston - London, said: "CSFB welcomes this additional functionality, which coincides with our straight-through-processing objectives for OTC derivatives trading. This will further streamline our existing workflow by allowing simultaneous electronic trade-capture and confirmation of our trades via SwapsWire."
"The RBS electronic trading strategy has always emphasized the importance of competitive pricing, fully automated execution and STP," said Jamie Salamon, eCommerce Product Manager at Royal Bank of Scotland. "It is our view that STP is an essential component of the electronic trading arena and to combine the benefits of Bloomberg Electronic Trading with SwapsWire for post trade confirmations will offer great advantages for our clients. Integrating the two market standard platforms and adding the automated pricing RBS can offer is, we believe, a very powerful combination."