Swapstream, the only multilateral electronic trading platform for medium and long term interest rate swaps (IRS), announced today it has gone live with its interface with SwapsWire, the leading electronic confirmation and straight-through-processing (STP) network for derivatives.
Deals executed on Swapstream by banks and brokers can now be fed to the SwapsWire network for trade capture and confirmation.
In addition to electronic price discovery, price dissemination, order and trade management, and negotiation for IRS, this interface enables Swapstream users to "close the loop" in terms of trade confirmations and immediate updates to their internal systems.
"Going live with the link to SwapsWire is another major step to ensure we're continuing to provide market leading functionality to our clients," said Stephan Rio, chief executive of Swapstream. "Swapstream users can now take full advantage of the accuracy and reliability of electronic trading with a direct link to SwapsWire who are the leading confirmations STP provider."
Along with enhancements such as futures crossing and hourly EUR swap fixings, Swapstream's platform affords the interest rate derivatives marketplace with a fully integrated, efficient and cost conscious electronic infrastructure.
"The coordinated approach SwapsWire provides as the interface between banks, interdealer brokers, and electronic execution services is an important factor in delivering a cost effective and user friendly trading environment," said Chip Carver, CEO of SwapsWire. "Swapstream represents our commitment to interface with electronic platforms. This new partnership is a clear indication that the derivatives marketplace finally has the state-of-the-art resources necessary to conduct business electronically while retaining all the unique advantages of voice trading."