London, 07 February 2005 - Detica, the specialist IT consultancy, announced completion of a new technology development of additional functionality for Swapstream, the only multilateral electronic trading platform for medium and long term interest rate swaps (IRS). The functionality is an extension of the existing consulting engagement and represents an underpinning of the partnership between the two companies.
The new system enhancements, which will go live to traders during 1Q 2005, have streamlined the trading process. The enhancements follow on the delivery of automatic 'hedging' for IRS in November 2004, which reduces market risk while improving processing and execution efficiency.
Detica's enhancements will strengthen Swapstream's ability to offer a powerful solution for an industry that is now moving towards full integration of a voice environment and automated trade technology. Swaps trading, one of the last areas in wholesale banking to move towards e-trading, still relies largely on the telephone as the first choice method for conducting business.
"We are excited to be working with Detica at this crucial time in the development of the IRS industry," explains Stephane Rio, CEO of Swapstream. "With the ongoing shift in the market towards electronic trading, Swapstream is poised to emerge as the foremost global platform in the constantly evolving swaps market. Our commitment is to continue to provide the best liquidity in the market combined with the most advanced functionality. We are confident that with Detica's expertise we can further develop the platform's operational efficiencies in such a way that demonstrates real value to traders."
Paul Stokes, Head of Capital Markets at Detica, adds: "We believe this new technology reaffirms Detica's ability to deliver for our clients. Our highly skilled and dedicated team at Detica have worked closely with Swapstream, helping them to realise their vision of delivering a genuinely innovative platform to the electronic IRS industry. We look forward to continuing our partnership with Swapstream as they maintain the very best functionality in the swaps market."