SwapsWire announced yesterday that Capitalia Spa is the first Italian bank using its system to automate OTC equity and interest rate derivative trade confirmations. Capitalia started confirming interest rate swaps trade electronically in August 2006 and went live with equity options on SwapsWire in December.
Capitalia trades OTC interest rate swaps on-screen using Bloomberg and TradeWeb’s electronic trading systems. Both systems are connected to SwapsWire, meaning that trades are instantly routed to SwapsWire for real-time legal confirmation within seconds. These trades and others executed over the telephone are all electronically routed to Capitalia in a standard format on SwapsWire making confirmation quick and easy.
“After seeing the massive improvement in confirmation speed for swaps, we are excited to be able now to confirm equity options this way,” says Giampaolo Argenio, COO, Capitalia. “We will continue to use the best available technology to reduce our operational risk and to increase efficiency for these and any other eligible products,” he adds.