SwapsWire, the leading electronic confirmation system for OTC derivative transactions, announced today that Bank of America has expanded its use of SwapsWire to include its mortgage desk in New York and its Emerging Markets desk located in Mexico City. SwapsWire was the first confirmation platform to go live with Mexican Peso swaps in 2005.
Lee Turner, Bank of America's Secondary Trader, said, "SwapsWire has helped to streamline our daily pipeline hedging process, leading to quicker and more accurate confirms. We've been very pleased with SwapsWire thus far in both its ease of use and the amount of coverage it provides and have yet to transact with a counterparty who cannot confirm via SwapsWire. Once fully integrated with our trade structuring systems, this tool should prove invaluable in eliminating trade processing time and booking errors."
Chip Carver, SwapsWire's CEO, said, "We are pleased to see more clients taking up the service for the emerging markets. We were the first to offer electronic confirmation for Mexican Peso and Bank of America are an excellent endorsement for the product. So far, we have 9 banks, 5 brokers and many buyside clients actively using the Mexican Peso service, ensuring our interest rate service will continue to lead the market. We are delighted to see Bank of America expand their use of our service to include their mortgage desk."
SwapsWire captures, verifies and confirms deals on-screen within minutes of execution, removing the need for manual processing of paper contracts. As well as the reduction in processing cost, confirmation on trade date means a significant reduction in operational risk.