ABN Amro has launched electronic trading in Swiss franc-denominated interest rate swaps, claiming to be the first bank to offer such a service.
Clients wishing to hedge their interest rate exposure have always been able to do so through voice execution, but CHF interest rate swaps have remained voice-only while other products have become available through electronic platforms, the bank says.
Niall Cameron, head of global markets at ABN, says: “Our clients have been demanding this service and we are very pleased to be the first counterparty to meet this requirement. The launch of this product is important to us as it brings together three parts of our business our interest rate swap trading capabilities, our strong Swiss franchise and our proficiency in electronic trading and distribution.”
Switzerland, along with Italy, already makes up a substantial part of fixed income trading on Bloomberg services and electronic CHF interest rate swap trading is a natural step in the business-to-client-area, according to Paul Humphrey, global head of fixed income e-business at ABN.