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Tullett signs up to SwapsWire

Inter-dealer broker Tullett today said it has joined the industry-backed electronic platform SwapsWire to provide its interest rate derivatives clients with straight-through-processing (STP) capabilities. SwapsWire, built by a consortium of 23 derivatives dealers, allows brokers and dealers to confirm deals in real-time between each other electronically.

    • Paul Lyon
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Swap deals arranged by Tullett will now be legally confirmed between banks connected to the SwapsWire network. “We are very pleased to be able to offer our clients the STP benefits that the SwapsWire network achieves,” said Mark Perkins, Tullett’s president of North America. “Being able to transfer information immediately after the trade has been completed will reduce processing costs and opportunities for operational errors.”

The SwapsWire system, which has been operating since October 2002, supports OTC derivatives in eight currencies (euro, sterling, Japanese yen, US dollar, Swiss francs, Norwegian krone, Swedish krona and Danish krone). The system is being used at 28 sites in Europe and the USA. More than $1 trillion notional value has been booked using SwapsWire to date.

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