Interdealer broker Tullett is to provide interest rate derivatives clients with straight-through processing via the SwapsWire deal confirmation network.
Under the agreemnent, swap deals arranged by Tullett will be legally confirmed between banks connected to SwapsWire. Prebon Yamane and Icap already provide similar connections.
Mark Perkins, Tullett’s president of North America, says: "Being able to transfer information immediately after the trade has been completed will reduce processing costs and opportunities for operational errors."
Backed by a consortium of 23 dealers, the SwapsWire system supports OTC derivatives in eight currencies. The network claims to have booked contracts with a notional value of over $1 trillion since live operations began in October last year.