ICAP Selects SwapsWire Network for Electronic Trade Confirmation

FRA-Cross, ICAP’s Internet-based matching facility for crossing forward rate agreements (FRAs), will use the SwapsWire network to confirm electronically matched trades. Commenting on the development, Chip Carver, Chief Executive Officer of SwapsWire, said: ‘By replacing paper documentation with electronic messages the banks and brokers using the system are expected to realise substantial cost savings and will reduce their operational risk.’ The FRA-Cross system enables traders of interest rate swaps to input all their unhedged positions – their FRA exposures or mismatches – onto the FRA-Cross website which then automatically matches one exposed FRA with another.


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