Tullett Prebon Money Brokerage (Korea) Limited and BGC Capital Markets and Foreign Exchange Broker (Korea) Limited are now the first interdealer brokers to use SwapsWire in their Korean offices to provide trade confirmation and STP for their dealing clients.
SwapsWire has added support for Korean Won Interest Rate Swaps in both deliverable and non-deliverable format. Non-deliverable swap trades have all settlement amounts converted to US dollars at the time of payment. Typically the swaps are traded in deliverable form on-shore, and non-deliverable form off-shore.
“As one of the first major broking houses to go live in Korea, Tullett Prebon welcomes the automated, online confirmation service,” says Paul Jin, Tullett Prebon’s CEO. “It will eliminate errors for all the parties involved in the trades, allowing us to tie-out and confirm trades within minutes of execution. We will be working with SwapsWire to roll out the service to the other main players in the market here.”