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SwapsWire Launches Equity Derivatives Give-Up Service

SwapsWire announced today that its PBWire service now supports Equity Derivatives give-ups. PBWire enables executing brokers to trade share and index options and variance swaps with buy-side clients, and give those trades up to the clients’ prime-brokers. Earlier this year, SwapsWire was awarded OM Dream Team “Best Utility Technology Award” for 2006 for PBWire.

Interest rate and credit derivative give-ups are already supported on PBWire. The service allows buy-side clients, executing brokers and prime brokers to communicate give-up details in real time, and to ensure that trades are agreed and legally confirmed within minutes of execution, avoiding paper confirmations and the documentation backlogs which can otherwise result, and greatly reducing operational risk for all parties. Buy-side clients can confirm all their trades in a single screen whether traded direct or given up to one or more prime brokers.

SwapsWire is used today by 33 major dealers, and a large number of their buy-side clients for both direct and give-up trades.

Chip Carver, SwapsWire’s CEO said “Post-trade processing has many angles, and is becoming a more complex business for clients as they trade a wider variety of products. Our aim is to provide an integrated service which allows as much of this processing as possible to be handled in one place, with minimal fuss. SwapsWire is now the first and only venue where dealers and their clients can handle give-up and confirmation of multiple OTC asset classes.”

Volumes over SwapsWire have grown rapidly, with over 100,000 tickets booked for the first time in September.