trueEX Expands Streaming Liquidity for ‘No-Touch’ Swaps Trading
trueEX – New York – trueEX, the innovative global interest rate swap trading platform, is adding BNP Paribas to its pool of 21 global derivatives dealers which also includes JPMorgan and RBS that collaborated on the launch of the trueFIX API platform.
Through the collaboration, users will have access to the global derivatives dealers’ market making capabilities, while leveraging the benefits of direct clearing, broad support of global currencies, and low-cost execution of rates derivatives on trueEX.
trueFIX provides asset managers and institutional investors the ability to transact the full range of interest rate swap transactions while simultaneously processing hundreds of line items in a portfolio, regardless of the trade type. It also offers broad support for execution and processing of 19 currencies, direct clearing without any middleware, and significantly lower costs for market participants.
“By now being able to offer the streaming liquidity of yet another global derivatives dealer through our platform, we reinforce our position as a leader in innovation by further increasing the range and depth of execution choices we offer buy-side clients,” said Sunil Hirani, CEO of trueEX.
trueFIX provides firms with direct connectivity to LCH and CME for split-second direct clearing and processing, bypassing the inherent risks of legacy operational processes. All participants using trueFIX will have access to truePTS, a separate and independent legal entity for more efficient allocation and post-trade processing of swaps and derivatives transactions.
trueEX LLC operates the first exchange approved by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM) for swaps. As an exchange and registered swap execution facility (SEF), trueEX has executed over $2.2 trillion in trading volumes and $12.5 trillion in post-trade services. Its SEF provides request-for-quote (RFQ) trading protocols and a proprietary portfolio terminations and compactions (PTC) system for the efficient trade management of existing positions through direct connectivity to multiple clearing houses. trueEX has been recognized as one of the industry’s leading and most innovative companies, winning SEF of the Year at the 2016 Risk Awards and SEF of the Year at the GlobalCapital Americas Derivatives Awards in 2015 and 2016. trueEX was also named to the 2015 Institutional Investor Tech 50 and Forbes Fintech 50 rankings. The Company is based in New York and enables the trading of interest rate swaps by all market participants. It will add other liquid derivatives to its portfolio in the near future.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 75 countries, with more than 189,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.