SwapsWire Books 100,000 Tickets in September

10 October 2006

SwapsWire announced today that it has handled over 100,000 tickets in September - almost double the volume it reported in February this year. Since the beginning of the year, the company has repeatedly broken previous volume records.

Andy Hudis, Managing Director at Goldman Sachs, said, “SwapsWire is a crucial part of our operational risk strategy. By confirming trades on trade date, generally within minutes of execution, we are able to eliminate that part of the risk equation. The efficiencies we’ve gained have allowed us to handle a significantly higher volume of business without the associated increase in operational staffing costs. Our aim is to maximize the use of SwapsWire, and we are keen to see as many other dealers and clients using the system as possible. We expect to see the volume growth continuing.”

Chip Carver, SwapsWire’s CEO, said, “This volume growth demonstrates how the marketplace has recognized and embraced wholesale the SwapsWire model of real time confirmation. It is very satisfying to see the product we envisaged only a few years ago now so widely used”

SwapsWire attributes the volume growth to a combination of new dealers and clients using the

system, new products and features, and growth in the underlying OTC derivative markets. Three additional major dealers have started using the system in 2006, bringing the total number of participating dealers to 31. In addition, the system is used by inter-dealer brokers and buy-side clients at hundreds of sites globally, with the number of buy-side clients more than doubling in 2006. The system is free of charge to buy-side clients.

SwapsWire captures, verifies and confirms deals on-screen within minutes of execution, removing the need for manual processing of paper contracts. As well as the reduction in processing cost, confirmation on trade date leads to cost saving and a significant reduction in operational risk.

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