SwapsWire launches service in Korea as Tullett Prebon and BGC go live
SwapsWire has announced it is rolling out its service in Korea this month as Tullett Prebon Money Brokerage (Korea) and BGC Capital Markets and Foreign Exchange Broker (Korea) become the first interdealer brokers to use SwapsWire in their Korean offices to provide trade confirmation and STP for their dealing clients.
SwapsWire has established itself as a leading OTC confirmation service in Japan and Asia, with a wide user base in Tokyo, Hong Kong, Sydney and Singapore. Globally, more than 30 dealers and more than 40 inter-dealer brokers, in addition to hundreds of buy-side clients, are using SwapsWire.
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 onshore, and non-deliverable form offshore.
'As one of the first major broking houses to go live in Korea, Tullett Prebon welcomes the automated, online confirmation service, says chief executive Paul Jin. '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 other main players in the market here.'
Barry Emmerton, BGC's regional operations manager, says: 'We are pleased with the efficiency brought by the SwapsWire service. By allowing our brokers to confirm their trades in real time, we have lightened the load for our back office at the same time as offering a superior service to our clients.'
One of the first dealers to use SwapsWire for Korean swaps will be Royal Bank of Scotland. 'We have seen strong demand from buy-side clients for this product on SwapsWire,' says head of Asian emerging markets Kenneth Kan. 'We are very happy to be able to lead the way by supporting these clients from the outset.'
Terence Tay, Deutsche Bank's director for global rates trading, says: 'The Korean swap market is one of the most active in Asia. Automating our post-trade processing through SwapsWire gives us the benefits of trade-date confirmation which we've already seen make a huge difference in Europe and the US.'
SwapsWire chief executive Chip Carver says: 'We are delighted with the way our service has been received in Asia. The market there is beginning to see how their front and back offices can operate much more easily and efficiently when trades are automatically confirmed at the time of execution. We envisage continued high growth in the region.'
The SwapsWire system automates legal confirmation, trade capture, and broker confirmation for multiple OTC derivatives products including interest rate swaps, forward rate agreements, overnight index swaps, caps, floors, swaptions, credit default swaps, equity/index options and variance swaps.
Established in 2002, SwapsWire is owned by a consortium of 21 leading derivatives dealers: Bank of America, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Bayerische Hypo- und Vereinsbank, BNP Paribas, Calyon, Citigroup, CDC Ixis Capital Markets, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC Bank, JP Morgan Chase, Lehman Brothers, Merrill Lynch, Mizuho Capital Markets, Morgan Stanley, Royal Bank of Scotland, Société Générale, Sumitomo Mitsui Banking Corporation and UBS Investment Bank.
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