Dealer-backed confirmation network Swapswire has signed seven prime brokers - Barclays Bank, CSFB, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, and The Royal Bank of Scotland - to its PBWire platform for OTC derivatives.
Swapswire says the seven brokers will initially use PBWire for OTC interest rate derivatives trade intermediation.
Broker-dealers executing trades with clients will be able to use their existing SwapsWire interfaces to communicate trade details electronically to both the client and the prime broker in real time for verification and confirmation.
The buy side client and the prime-broker can confirm the trade either via a completely automated program interface or using interactive screens. Swapswire says buy side clients use its PBWire system free of charge.
PBWire is based on the same underlying transaction structure as the Swapswire platform and uses the FpML (Financial products Markup Language) standard.
Glen Mifsud, head of global fixed income prime services, CSFB, says: "PBWire provides an efficient and robust platform for interest rate derivative intermediation. It allows almost instantaneous trade notification and confirmation in a standardised format whilst offering the flexibility to link to various trading or portfolio management systems. This will help us provide clients with an automated solution that is integrated with the rest of CSFB's prime brokerage services."