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Dealers use SwapsWire to clear CDS confirmation backlog

1st June 2005

Two major dealers have successfully used SwapsWire to clear a backlog of executed but unconfirmed Credit Default Swaps (CDS) trades between themselves.

Various dealers have been very active in exploring the methods available for reducing the number of unsigned confirmations in the credit derivatives market. Citigroup and Goldman Sachs selected SwapsWire to provide this service.

They each submitted a portfolio of outstanding CDS trades to SwapsWire’s matching service. The dealers were able to see successfully matched trades, and then investigate differences for unmatched trades. Using tools in SwapsWire which help identify trades which look similar but have minor recording discrepancies, the dealers were able to quickly confirm about 70% of the unconfirmed trades.

Mark Clement, Global Co-Head of Interest and Credit Derivative Operations at Goldman Sachs said "We’ve been very pleased with the results of this exercise. We’re keen to use SwapsWire’s backloading tools to address as many of these trades with as many counterparts as possible. This will be an ongoing process for us".

Although there are a number of existing trade matching utilities available in the marketplace, SwapsWire’s service has been optimized to help with portfolio "backloading", including features to help manage and segregate batches of trades, and to help identify potential matches among large populations of unmatched trades. Chip Carver, CEO of SwapsWire stated "Our software developers have worked hard to develop a superior product which has user friendly features to help the market participants tackle the outstanding confirmation problem."

SwapsWire supports a wide range of products, including Interest Rate Swaps, Forward Rate Agreements, Overnight Index Swaps, Swaptions, Caps/Floors, Credit Default Swaps, and Equity Options.

Matching a trade on SwapsWire constitutes legal confirmation, avoiding the need to exchange and sign traditional paper-based documentation. The matching and backloading service complements SwapsWire’s affirmation based service, already in use at over 100 sites globally.

A number of other major dealers are currently working with SwapsWire to backload both CDS and Interest Rate Swap portfolios.