SwapsWire announced today that UK mortgage lenders are the latest group to use its service to confirm OTC derivatives confirmations on trade date. Alliance and Leicester were the first to go live in mid-2006, Nationwide Building Society went live in January this year, and Skipton Building Society is the latest when it went live in March.
Robert Samuels, Alliance & Leicester Settlements Manager, said: "We are always looking at ways to help improve our efficiency and to reduce any operational risk. SwapsWire has transformed the way we process our trades and they can now be completed with a few clicks shortly after the trade has been executed. It is a great comfort to know on any given trade date that we have a fully documented trade."
Alan Brown, Nationwide’s Head of Treasury Controls, said, "Once we had set it up we found SwapsWire easy to use. The screen layouts are well designed and straight forward to check. The confirmations come through soon after dealing and getting rid of the masses of paper associated with the traditional swaps confirmation process has been a major plus. We’re more efficient, we’re managing our Operational Risk and there are no transaction costs."
Jonathan Webb, Skipton’s Treasury Development & Reporting Manager, commented, "It was an easy decision to start using SwapsWire. The main driver for us was removing the paper based trade confirmation process, which was both slow and time consuming. This has enabled us to further streamline our confirmation processes and free up more time which is very important, especially in a relatively small treasury operation function such as ours."
Chip Carver, SwapsWire’s CEO, said, "We are delighted to widen the breadth of our client base and the fact that we are growing as quickly as we are proves the value our products are providing to their users. Trade volumes on SwapsWire have been growing steadily, roughly doubling every twelve months."