Swapstream, the multilateral electronic trading platform for medium and long term interest rate swaps (IRS), has added three banks to its roster of liquidity providers; CDC Ixis, Nordea and Lloyds TSB.
“The continual addition of new users to the Swapstream platform demonstrates the market shift toward electronic trading of IRS,” says Stephane Rio, CEO at Swapstream.
“We needed a truly independent provider of an electronic trading solution in the IRS market, something only Swapstream was able to deliver,” adds Erik Bo Hansen, global head of IRS at Nordea. “We also wanted an electronic platform that was designed from a market participant’s perspective; we did not want to change the way we traded IRS while we were keen to access a pool of liquidity, improve efficiencies and reduce costs. As such, we look forward to developing a strong working relationship with Swapstream.”
“For us it was important that Swapstream acts primarily as a medium for users to choose how they want to build their marketplace in the electronic IRS market,” says Guillaume Couzineau, global head of derivative products at CDC Ixis. “With the market increasingly moving towards electronic trading, it is vital that CDC Ixis have the flexibility to trade in a way that meets our demands today and strengthens our competitive position for the future.”