Gottex Brokers, a European OTC derivatives broker, says it will use the Swapstream-SwapsWire link-up for straight through trade processing. This means Gottex Brokers will be able to confirm brokered swap transactions in Euros and Swiss Francs between SwapsWire participant banks by using the link-up between the Swapstream electronic trading platform and the SwapsWire electronic processing network.
“We are very pleased that Gottex Brokers will take advantage of our recent tie-up with SwapsWire, and we expect other brokers to join Swapstream and follow suit,” says Marcus Grubb, CEO of Swapstream. “The recent link-up with SwapsWire will enable inter-dealer brokers who join Swapstream to develop their swaps broking business and bring greater efficiency to major swaps market participants.”
Swapstream is an swap and OTC derivatives trading platform, which aims to facilitate the trading of medium and long-term interest rate swaps and swap spreads in two currencies (Euros and Swiss Francs) from the second quarter of this year. During 2003, Swapstream also expects to launch US Dollar swaps, short swaps and futures hedging. The platform is delivered to customers from Deutsche Borse facilities in Frankfurt over a secure private network.
“Joining the SwapsWire confirmation and straight through processing network through membership of the Swapstream trading system at a competitive cost, will allow us and other inter-dealer brokers to expand our execution services and reduce the cost of broker assisted trades,” explains Joachim Gottschalk, chairman of Gottex Brokers commented,
Gottex Brokers, established in 1986, operates from offices in Lausanne, Munich and Milan.