Tullett, the interdealer broker firm, has joined the industry-backed electronic platform SwapsWire to provide its interest rate derivatives clients with straight-through processing. SwapsWire is a consortium of 23 leading derivatives dealers, providing a network which allows brokers and dealers to confirm deals in real-time between each other electronically. Swap deals arranged by Tullett will be legally confirmed between banks connected to the SwapsWire network, removing the time-consuming manual trade reconciliation process. The SwapsWire system, which has been operating since October 2002, supports OTC derivatives in eight currencies (Euro, Sterling, Japanese Yen, US Dollar, Swiss Francs, Norwegian Kroner, Swedish Kronor, Danish Kroner). The system is being used at twenty eight sites in Europe and the USA. Over $1 Trillion notional value has been booked using SwapsWire to date.
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