SwapsWire Handles Over 100,000 Tickets In September

SwapsWire says that it handled over 100,000 tickets in September, almost double the volume it reported in February this year. Since the beginning of the year, the company has repeatedly broken previous volume records. "SwapsWire is a crucial part of

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SwapsWire says that it handled over 100,000 tickets in September, almost double the volume it reported in February this year. Since the beginning of the year, the company has repeatedly broken previous volume records.

“SwapsWire is a crucial part of our operational risk strategy,” says Andy Hudis, the MD at Goldman Sachs. “By confirming trades on trade date, generally within minutes of execution, we are able to eliminate that part of the risk equation. The efficiencies we’ve gained have allowed us to handle a significantly higher volume of business without the associated increase in operational staffing costs. Our aim is to maximise the use of SwapsWire, and we are keen to see as many other dealers and clients using the system as possible. We expect to see the volume growth continuing.”

“This volume growth demonstrates how the marketplace has recognized and embraced wholesale the SwapsWire model of real time confirmation,” adds Chip Carver, the CEO of SwapsWire. “It is very satisfying to see the product we envisaged only a few years ago now so widely used”.

SwapsWire attributes the volume growth to a combination of new dealers and clients using the system, new products and features, and growth in the underlying OTC derivative markets. Three additional major dealers have started using the system in 2006, bringing the total number of participating dealers to 31. In addition, the system is used by inter-dealer brokers and buy-side clients at hundreds of sites globally, with the number of buy-side clients more than doubling in 2006. The system is free of charge to buy-side clients.

SwapsWire removes the need for manual processing of paper contracts. As well as the reduction in processing cost, confirmation on trade date leads to cost saving and a significant reduction in operational risk.

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