Platforms and Products

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Swapstream Overview

Swapstream has incorporated feedback from major market participants to create two electronic trading platforms which meet the unique demands of the interest rate swap (IRS) professional trader.

Swapstream offers two interest rate swap trading platforms:

• sPro: The first electronic multi-dealer IRS trading system designed for the sophisticated professional trader.
• sDealer: An electronic marketplace designed for the Inter-bank Community and brokers.

Trading medium-term (1- to 10-year) and long-term (10- to 50-year) Euro, GBP, USD and Swiss interest rate swaps, both outright and combinations, has never been easier. The innovative implied functionality allows each user to see the full implied liquidity – both in and out – between IRS, calendar spreads and butterflies, creating unparalleled electronic liquidity.

Want to trade a non-standard spread combination? You can create them on the fly and source both real and implied liquidity with just a few clicks of your mouse. And Swapstream is the only platform to offer the ability to trade IRS/futures cross. Users can manage their orders by linking them to the futures market, using their own level of sensitivity to the underlying contract. Post trade transaction details and work ups are easily negotiated with the counterparty, without ever having to pick up a phone.

The platform currently supports the trading of EUR, GBP, USD and CHF denominated medium-term and long-term interest rate swaps and spread trading as well as futures crossing capabilities, IRS calendar and butterfly spreads, plus user defined maturities and combinations.

Swapstream services offer an easy-to-use screen-based trading system that operates in tandem with inter-dealer voice broker networks.

The service provides full straight through processing (STP) capabilities and can be integrated with internal functions such as risk management, settlement and confirmation, and external functions such as futures platforms and SWIFT messaging.