SwapsWire says the prime brokerage group at JP Morgan is live on PBWire service, and using it to automate the “give-up” of OTC interest rates derivatives for its prime brokerage clients, including real-time trade notifications and electronic confirmations.
SwapsWire says it expects several other prime brokers to follow soon. Currently 15 dealers use PBWire to provide trade notifications and electronically confirm executed trades.
“We’re pleased to be at the forefront of providing an efficient and automated intermediation service for our Prime Brokerage clients using PBWire,” says Stephanie Ercegovic, managing director and Head of Prime Brokerage at JP Morgan.
Executing brokers use PBWire to send trade details to prime brokers and their clients.The client and prime broker can use PBWire to signal their agreement to the trade immediately, meaning give-up trades are agreed and fully documented within minutes of execution. “We use PBWire as a Prime Broker and an Executing Broker and have seen the benefits of the product from both sides,” says Catherine Bartzos, managing director in Interest Rate Derivatives at JPMorgan.
Chip Carver, SwapsWire’s CEO, says having JP Morgan as a client proves the capabilities of PB Wire. “JP Morgan demands the very best in all its services and the fact that they chose PBWire is a testament to the product,” he says. “PBWire is the only service offering true T+0 confirmations available to the OTC community and we are pleased to set the market standard. We are particularly delighted that dealers are quickly embracing the latest technology and look forward to expanding the service.”