Thomson TradeWeb, an online marketplace for fixed income securities and OTC derivatives, has integrated its platform with SwapsWire, an industry backed electronic confirmation system for OTC derivatives.
This integration will allow customers and dealers to trade interest rate derivatives on TradeWeb, and then confirm the transactions electronically on SwapsWire. The integration also allows clients to access the SwapsWire application from the TradeWeb viewer, facilitating the use of both platforms by middle and back offices.
The company says that the new functionality will allow customers and dealers to significantly reduce their operational risk and also improve their post-trade processing capabilities in line with recent industry initiatives.
Elie El Hayek, head of rates, Europe at HSBC, said: Our ability to offer a full STP process enhances the quality of our service to HSBC customers, reducing costs, reducing booking errors and eliminating delay. HSBC’s aim is to be one of the top IRS dealers in TradeWeb and participation in SwapsWire is another important factor to achieve this goal.