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SwapsWire’s PBWire Named Best Utility Technology 2006

SwapsWire announced today that it has been named the winner of the Best Utility Technology Award for 2006 by Operations Management for its PBWire service. PBWire was designed specifically to help automate the growing OTC trade give-up business. The award is part of the publication’s fifth annual Dream Team, recognizing top-notch financial industry operational efforts during the year. Other nominees in the category were Depository Trust and Clearing Corp. and FIX Protocol

Chip Carver, SwapsWire’s CEO, said, “We are delighted that PBWire has been recognised with such a prestigious award. Although we, and the dealers who use it, know that PBWire is an exceptional product, it means a great deal to have an independent source actually research the market and to decide that it deserves the 2006 Best Utility Technology Award.”

Catherine Bartzos, JPMorgan’s Interest Rate Derivative Prime Brokerage Product Manager, said “We have worked closely with SwapsWire throughout the development of PBWire, and are pleased to see them winning this award. JPMorgan Prime Brokerage is committed to offering our clients the best possible service, and PBWire provides real time certainty for give-up trades and confirmations thus reducing the operational risk to all parties involved. Interest Rate Derivative trades given up through PBWire are completely automated allowing us to focus on the business needs of our clients.”

PBWire is an extension of the original SwapsWire platform. Give-up trades can be fully agreed in real time between clients and executing brokers, avoiding the need for trade data to be re-matched by the prime broker, and completely automating legal confirmations between all parties in the process.

Other organizations that received recognition by Operations Management for their contributions over the past year to the financial industry’s operational efforts included Northern Trust for Best Operations Innovation, Federal Reserve Bank of New York as Operations Leader, Communicator as Vendor of the Year, and, the International Swaps and Derivatives Association for Best Teamwork.