NEW YORK, Jan. 28, 2016 /PRNewswire/ -- trueEX, the fastest growing swap execution facility (SEF), has created another industry innovation with the execution of the first dealer to client Mexican peso (MXN) interest rate swaps trades on its award-winning platform. Societe Generale Corporate and Investment Bank (SGCIB), and undisclosed institutional investors completed the transactions late in December and January; the first buy-side trades to be electronically executed.
Mexican swaps are widely traded and are increasingly cleared at CME Group, where they represent the fourth largest cleared currency. trueEX is currently the only dealer-to-client platform that offers the ability to execute and clear MXN swaps.
"We're delighted to have executed the first electronic MXN client IRS trades on trueEX," said Issam Gargouri, Vice President, Emerging Markets Trader at SGCIB. "This innovation is a further illustration of how Societe Generale continues to extend its leadership role in the global swaps markets to the benefit of an ever-expanding institutional client base."
"Delivering services that the buy-side demand is a hallmark of trueEX," said Sunil Hirani, CEO of trueEX. "Mexican peso swaps are and will continue to be significant value added for our clients and we will continue to innovate in emerging markets."
Industry veteran Ian Joseph will lead trueEX's expansion into Latin America. He brings extensive relationships and experience in emerging markets to the role.
trueEX supports 18 currencies, with execution in 11 currencies and processing in 16 currencies to date. In 2015, more than $1.4 trillion was executed, with an additional $4.6 trillion processed through its truePTS platform. These represent increases of more than 900% and 24% over the previous year, respectively.
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 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