Tradeweb and Charles River Development Launch Global Solution For Post-trade Processing of OTC Derivatives
JERSEY CITY, NJ (July 16, 2008) - Tradeweb, a leading over-the-counter multi-asset class online marketplace, and Charles River Development, an award-winning provider of financial software and services to the global investment management community, today announced the launch of a fully- integrated, end-to-end solution for post-trade processing of over-the-counter (OTC) Derivatives. Charles River clients who use Tradeweb to execute OTC derivatives trades can now automatically capture trade details within the Charles River Investment Management System (Charles River IMS). This integration also supports allocation processing for OTC derivatives.
Charles River and Tradeweb already have significant integration points across the trade lifecycle for fixed income securities. This roll-out will initially incorporate interest rate swaps (denominated in U.S. Dollar, Euro, and Sterling) and credit default swaps (CDX, iTraxx, single names, and tranches) and will support the following workflows:
Electronic capture of trades executed on Tradeweb, including prime broker give-up trades
Electronic capture of trades executed over the phone
Allocations electronically fed into dealers' risk systems via Tradeweb's STP network
Interest rate swap allocations (tickets) fed directly into Markit Wire or DTCC's Deriv/SERV via Tradeweb for legal confirmation
Credit default swap allocations (tickets) fed directly into DTCC's Deriv/SERV via Tradeweb for legal confirmation
The enhanced support for OTC derivatives will be available to users of Charles River IMS Version 8.2, Charles River's most recent software release. Version 8.2 supports OTC credit, rate and equity derivatives in the form of: credit default swaps on single names, indices and tranches; interest rate swaps, including cross currency, basis, constant maturity, and overnight index; and total return swaps on both fixed income and equity securities, including indices. In addition, a new Direct Dealer Inventory feed in Version 8.2 enables buy-side traders to establish electronic point-to-point broker connections and receive available fixed income inventory directly into Charles River IMS - electronically matching orders and helping traders successfully execute on inventory opportunities.
"The launch of this joint solution couldn't have come a better time," said Tom Eady, Managing Director and Global Head of Tradeweb's STP business. "The industry is under tremendous pressure to automate the trading and processing of OTC derivatives. Tradeweb and Charles River are making it possible for the industry to meet its goals for achieving seamless, front-to-back electronic processing of OTC derivatives."
"As trading volumes, and the resulting drive for efficiency increase, we anticipate continued innovation and centralization of OTC derivatives processing," said Tom Driscoll, Vice President, Sales and Marketing, Charles River Development. "We have already partnered successfully with Tradeweb in the fixed income arena and it made sense to offer our clients enhanced derivatives capabilities. Our latest release now provides clients with the enhanced trading and processing capabilities they need to handle any derivatives structure or workflow."
Tradeweb is a leading over-the-counter, multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivatives, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of more than 35 major dealers with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and 10 leading global dealers.
About Charles River Development
Charles River Development is an award-winning provider of innovative technology systems and services to over 290 investment firms in the global institutional, mutual fund, banking, hedge fund, wealth management, insurance and pension industries. The Charles River Investment Management Systems (Charles River IMS) is a comprehensive front and middle-office software suite for all asset classes. The system incorporates global real-time electronic trading via FIX through the Charles River Network, a broker-neutral financial network that is fully integrated with Charles River IMS. The company also offers implementation and managed services (hosted and remote application management). Founded in 1984, Charles River maintains headquarters in Boston and primary offices in London, Melbourne, New York, Paris, Singapore and Tokyo.