SwapsWire Signs Up 12 Dealers for Derivatives Confirmation Service

SwapsWire, a dealer-backed confirmation service, has signed up 12 firms for a new automated confirmation service for over-the-counter (OTC) equity option transactions. New participants — Barclays, BNP Paribas, Calyon, Citigroup, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs, JP Morgan, Merrill Lynch, Societe Generale and UBS — have all agreed to use the service which is expected to launch in the second quarter of the year.

SwapsWire supports deal-capture, verification and confirmation on-screen within minutes of executing a trade, which removes the need for manual processing of paper contracts. The network is used by 45 dealers, inter-dealer brokers and buy-side clients in Europe, the U.S. and Asia for interest-rate and credit derivatives.