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Dealers Use SwapsWire to Backload Interest Rate Swap Portfolios

12 June 2006

SwapsWire announced today that three dealers have used SwapsWire to backload a sample of historical interest rate swaps to the SwapsWire trade archive, allowing SwapsWire to automatically send the transaction data from its central trade archive to LCH Clearnet’s SwapClear service.

SwapsWire provides a central matching utility to allow users to upload and match a portfolio of existing transactions. Once matched, SwapsWire creates a single transaction record with a unique identifier. The transaction data can be sent via an automated link to LCH.Clearnet, which registers the transactions and becomes the central counterparty to the trade. Integrated research tools allow users to quickly and easily resolve any unmatched or mismatched trades.

Use of the combined SwapsWire/SwapClear facility allows dealers to book, document, clear and settle trades fully electronically, greatly reducing the workload related to supporting such transactions through their lifecycle.

The three dealers (ABN Amro, JPMorgan, and UBS) have initially piloted the facility using a relatively small number of trades and they intend to backload substantially larger portfolios of historic trades. They will be followed by the other participating dealers who will use SwapsWire as the primary interface to SwapClear for historic portfolios. Fourteen of the eighteen dealers who are using SwapClear for intra-day clearing are already using SwapsWire to send trades to LCH.Clearnet.

Chip Carver, SwapsWire’s CEO, said, “This successful pilot of the backloading facility for clearing demonstrates its effectiveness and versatility. Dealers and buyside clients can use backloading of older trades for other purposes, for example reducing the backlog of outstanding confirmations and facilitating other trade life cycle events. These types of tools will make a major contribution to eliminating the processing delays which have recently been a focus of regulatory concern.”