SwapsWire, the OTC derivatives dealing platform owned by a 23 bank consortium, has expanded its Board of Directors from nine to 13 directors. Three of the new directors come from shareholders Bank of America, Credit Agricole Indosuez and Lehman Brothers, the fourth is SwapsWire’s CEO, Andrew Brown. Commenting on the appointments, Brown says, “We know that these leading players in the derivatives markets, by participating at board level, will provide valuable insight and input into the strategic direction of SwapsWire as it evolves.”
The changes were the result of a review of the board following its contraction to nine members from 10 as a result of the Chase Manhattan Bank/JP Morgan merger.
SwapsWire was due to launch its electronic dealing platform for the interest rate swaps market last month with a larger group of dealers than originally planned. Initial plans had called for the nine founder members to participate in the launch in Europe, specifically in the euro and US dollar markets, but the launch has been delayed and the group expanded to include as many of SwapsWire’s shareholders as possible, expected to be in the region of 20 institutions. The initial product offering will cover the euro and sterling interest rate swap markets. US dollar swaps are now set to be launched as US-based dealers are brought onto the system, this is expected to be two to three months after the European launch, which is expected by year-end.