NEW YORK, Dec. 8, 2015 /PRNewswire/ -- trueEX, the fastest growing swap execution facility (SEF), along with J.P. Morgan and RBS, today announced the launch of trueFIX, a real-time, automated execution and processing solution for all US dollar, Euro and UK Sterling swaps.
Through its network of dealers, trueFIX offers asset managers and other 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. The innovative solution also provides firms with direct connectivity to LCH and CME for split-second processing, bypassing the inherent risks of legacy operational processes.
The breadth of the trueFIX automated and near-instantaneous solution has never before been available to the marketplace, and enables buy-side firms to trade all US dollar, Euro and UK Sterling interest rate swaps directly from their order management system.
"The trueEX offering represents a step-change for the industry. By providing clients access to near-instant pricing, execution and processing, trueEX is once again demonstrating the benefits of independent thinking. As the market leader, it is natural for J.P. Morgan to support innovations like this, and participate in initiatives that truly enhance the client experience," said Jennifer Tierney, Head of North American Rates e-sales at J.P. Morgan.
"trueFIX creates more and better trading opportunities for buy-side firms and lowers trade processing costs through the elimination of manual errors," said Alan Mittleman, Head of Rates Trading, Americas at RBS. "It's a game changer for the interest rate swap market that will clearly benefit our clients' businesses. We are pleased to have the opportunity to support this important market solution."
J.P. Morgan and RBS collaborated with trueEX on the development of the trueFIX API, and plan to introduce additional capabilities to its client base in the near future. Other dealers are expected to join in the near future.
Since the launch of the trueEX trading platform in 2014:
- 19 swap dealers on-boarded and adopted trueEX
- Share of dealer-to-client electronic trading climbed to 16% (October 2015)
- 73 buy-side firms and 12 clearing firms signed up
- Over $1 trillion in notional trades executed and over $7 trillion notional processed across 18 supported currencies at CME and LCH.
"J.P. Morgan and RBS were not only amongst the first dealers to onboard to trueEX, but they are pioneers in the development of these enhanced capabilities on the trueEX platform. Their foresight and leadership blazes a path to more efficient and effective markets. With their early support for trueFIX, all market participants will benefit," said Sunil Hirani, CEO of trueEX.
All participants on trueEX and trueFIX will also be able to take advantage of truePTS, the recently-announced separate legal entity for more efficient allocation and processing of swaps 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 emerging swap execution facility (SEF), trueEX is ideally positioned to facilitate the regulatory transition underway in the derivatives markets. Its exchange provides an anonymous central limit order book (CLOB), while 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. Its truePTS (Post-Trade Services) business efficiently facilitates the processing requirements associated with the recent regulatory transition. 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.
trueEX was pioneered by the team which founded Creditex, the first electronic trading platform for credit default swaps (CDS). In 2008, Creditex was sold to Intercontinental Exchange (ICE), where its management team led the initiative to acquire The Clearing Corporation (TCC), which allowed ICE to clear credit derivatives globally. Members of the trueEX management team also launched T-Zero (now ICE Link) and led the initiative to create Credit Event Fixings and Delta Neutral Auctions (DNA). For further information visit www.trueex.com