Cross-currency basis swaps go electronic

16 September 2008

GFI Group Inc. ('GFIG' on NASDAQ) has launched BasisMatch™ – the first electronic trading platform for cross-currency basis swaps for the inter-dealer market. This extends GFI's successful hybrid broking model combining electronic and broker-assisted trading.

BasisMatch covers the G10 currencies against three-month US Dollar LIBOR, with plans to extend to similar instruments such as inter basis swaps.

“GFI continues to invest heavily in service-enhancing technology and BasisMatch is the latest example of this”, said Paul Millward, GFI’s BasisMatch™ and ForexMatch® product manager. “Cross-currency basis swaps are ready for hybrid broking, bringing electronic trading and automation of post-trade processes. GFI believes that BasisMatch will be widely adopted - just as CreditMatch and ForexMatch have been.”

“The market requires efficient price dissemination and execution, transparency and integrity – and BasisMatch delivers,” said Robert Bou-Simon, GFI’s head of European interest rate derivatives. “BasisMatch is the result of extensive collaboration with our clients and GFI will continue to work with them to develop the platform further.”

BasisMatch has been developed by Trayport, a wholly-owned subsidiary of GFI Group, Inc.

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