LONDON and NEW YORK 15 February 2013 -Trad-X, the global hybrid platform for trading interest rate swaps, is pleased to announce the launch of its USD interest rate swap product in the US.
Trad-X, the derivative technology solution launched by Tradition 18 months ago and supported by 11 of the largest banks in the world, has already established itself as the leading hybrid liquidity source for Euro interest rate swaps. The platform intends to build on this success by expanding its services into another key trading currency - USD.
Daniel Marcus, Global Head of Strategy and Business Development at Tradition commented: "We are delighted to be expanding the range of products in the Trad-X universe. Trad-X USD is a transparent industry initiative and has been designed by the market for the market. We hope it achieves a similar level of success as our Euro IRS offering."
Christian Mundigo, Global Head of Rates Trading and Co-Head of Americas Fixed Income at BNP Paribas stated: "BNP Paribas believes Trad-X will provide the USD swap market with an efficient electronic execution venue for trading interest rate swaps. We are pleased to support the expansion of this market leading platform across both the Euro and USD markets, where we are committed to be strongly engaged with both the dealer community and our clients."
Elie El Hayek, Managing Director, Global Head of Rates Global Banking and Markets at HSBC said: "HSBC is very pleased to support the launch of Trad-X in USD interest rate swaps. Trad-X has proved the concept of a hybrid solution with deep liquidity in EUR swaps and we look forward to continue to be a key player in an industry initiative in the US that brings transparency and trade certainty to the market."
Ciaran O'Flynn Managing Director Global Head of Rates eTrading at Morgan Stanley, said: "Morgan Stanley is committed to supporting execution of swaps trading on electronic venues like Trad-X. These venues increase the transparency of the swaps market and facilitate the move towards mandatory clearing."
Jeff Michaels, Head of Rates, F/X, and Principal Strategies Americas at Nomura, said: "Nomura is very pleased to be a part of the Trad-X industry initiative. Trad-X is designed to bring transparency and hybrid liquidity to the USD interest rate swap market and we believe will assist with the market evolution towards regulatory complaint flexible trading solutions."
Amaury d'Orsay, Global Head of Rates at Société Générale, commented: "Tradition has developed excellent technology solutions for the development of the interest rate swap market. Société Générale is pleased to support Trad-X USD taking the US market forward in an evolutionary way, by virtue of the provision of a regulatory compliant transparent IRS trading solution."
Christopher Murphy, Global Head of Rates & Credit at UBS, added: "UBS is very pleased to be supporting the launch of Trad-X in USD interest rate swaps. We believe that Trad-X brings a compliant, transparent solution for interest rate swap trading along with deep and firm liquidity. We hope that the launch in USD will build on the success of Euro interest rate swaps."
For further information, please contact:
MHP Communications Tradition@mhpc.com
John Sarsfield/James Morgan/Fern Hammond +44 20 3128 8530/8533/8092
Trad-X utilises Tradition's proprietary technology to provide a fully electronic multi-asset class trading platform for OTC derivatives with hybrid and fully automated rich functionality, low latency and - most importantly - the potential for attracting deep liquidity. Designed with the help of the trading community, Trad-X is a logical extension to Tradition's voice brokerage services. Trad-X enables fully electronic order entry, whilst leveraging the benefits of execution capability of Tradition's voice brokers. Trad-X can be accessed via its own fully customisable and configurable client GUI, by using its FIX API or through independent software vendors such as ION. Trad‐X data, with best bid, offer and size, can be subscribed to via 'TRDX' Bloomberg pages. The pages show around 100 of the most liquid points on the € IRS curve, to which 11 banks are streaming prices electronically. Our public reference pages 'TTST1' on Thomson Reuters and 'TREU' on Bloomberg are showing estimated bid/offer. They are calculated directly from Trad-X mid markets.
About Tradition and Compagnie Financière Tradition SA:
Tradition and the 'snowflake' device are trade marks of Compagnie Financière Tradition SA. With a presence in 28 countries, Compagnie Financière Tradition SA is one of the world's leading interdealer brokers (IDB). The Group provides broking services for a complete range of financial products (money market products, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and commodity‐related products (energy and environmental products, and precious metals). Compagnie Financière Tradition is listed on the SIX Swiss Exchange (CFT). Trad‐X is a trade mark of Compagnie Financière Tradition SA. Trad‐X is an MTF operated by Tradition (UK) Limited, authorised and regulated by the UK Financial Services Authority. For more information, please visit www.tradition.com and www.trad‐x.com.