MTS, a subsidiary of the London Stock Exchange, has announced the launch of MTS Swaps, its platform for the electronic trading of interest-rate swaps in Europe, aimed at buy-side institutions.
The platform will allow buy-side firms to trade electronically through a prime broker, on executable prices and a competitive request-for-quote (RFQ) model. Regulated by the UK Financial Conduct Authority, the platform includes capabilities for the entire trade lifecycle, including connectivity for clearing.
A number of banks have announced their support, including Commerzbank, UBS, Lloyds and others.
"While electronic trading and central counterparty clearing are transforming the wider over-the-counter derivatives landscape, our aim is to evolve trading in fixed income swaps in-line with these developments through the combination of innovative, appropriate technology and our proven expertise in operating electronic markets," says Jack Jeffery, CEO at MTS. "Launching trading for interest rate swaps is the start of this evolution, enabling us to build a community of banks and buy-side institutions that will benefit from the further exciting developments."
The platform is scheduled for a fourth-quarter release. MTS recently announced a similar initiative in the US.
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