London – Reuters (LSE: RTR), the global information company, today announced the launch of its online brokerage service for Interest Rate and Overnight Index Swaps, called Reuters Matching for Interest Rates. The new service builds on Reuters successful Spot and Forward Foreign Exchange (FX) business, moving into the electronic trading of derivatives. This also supports Reuters aims to become the leading electronic broker for the global Treasury market.
With Reuters Matching for Interest Rates, Dealers can trade Euro denominated Interest Rate Swaps (IRS) and Overnight Index Swaps (OIS) electronically, over their Reuters Dealing 3000. It will be extended to cover British Pound, US Dollar and Swiss Franc IRS and OIS trading. The service has gone live across Europe with 31 banks signing up for the service and additional banks due to follow.
Commenting on the new service Peter Healey, Managing Director, Fixed Income, Rates & Currencies at UBS, said: "UBS is pleased to be involved with Reuters in the launch of a new electronic matching product specifically designed for the OIS and IRS markets."
Michael Santer, Head of Money Markets, Erste Bank, Vienna, added, "I think the time is right for interest rate derivatives to follow the lead of the foreign exchange and fixed income markets to online trading and I am delighted to see Reuters entering this part of the marketplace."
The launch of Reuters Matching for Interest Rates follows a successful beta programme in Q1 across the main European financial centres. The system will be rolled out gradually into North America and Asia as customer demand grows. This announcement comes within weeks of Reuters acquisition of the remaining 50 percent stake of ICor Brokerage which extends Reuters asset class coverage to include FX Options.
Mark Robson, Global Head of Treasury and Fixed Income, Reuters, said, "With the launch of Reuters Matching for Interest Rates, Reuters is addressing the high-growth short term interest rate marketplace, building on our leading position in FX swaps. The record trading levels that Reuters is experiencing in the FX market as a whole make this the ideal time to launch an IRS and OIS system."
Reuters Matching for Interest Rate service provides:
- Market access to real-time executable prices
- Anonymity on bids and offers
- Protection with timeouts on orders and links to levels of external market references
- A secure service, available over Reuters Dealing 3000
- Speed, reliability and efficient execution
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