Interest rate swap trading platform Swapstream is introducing an Euro Overnight Index Average (Eonia) swaps trading facility on its sDealer platform.
Swapstream users already trade the medium to long end of the IRS curve through the platform, and the new service simply extends its coverage to the short end.
The Eonia market averages Euros 40 billion a day in volume, with only a very small percentage of trading conducted electronically.
Swpastream claims its web-based technology enables users of sDealer and its credit permissioning facility to control how and with whom they do business at a fraction of the cost of inter-dealer voice brokers.
“Successfully launching our third generation platform, sDealer, and integrating the entire interest rate trading curve for electronic trading clearly positions us as a leader in the marketplace,” says Stephane Rio, CEO of Swapstream. “With our latest offering, Eonia traders will now be able to access the enormous benefits electronic trading has to offer, including more efficient electronic trading capabilities, expanded functionality and greater liquidity. Our trading volumes continue to build momentum, and with sDealer’s extension to cover the entire interest rate curve we expect this momentum to accelerate.”
Swapstream adds in a statement that the latest version of sDealer includes an updated and re-designed client interface, or GUI. “Users will now be able to configure the screens to reflect their market choices and trading behaviour,” reads the statement. “This complete customized offering supports Swapstream’s commitment to being the world’s most advanced IRS trading platform. Swapstream developed the expanded capabilities and new features in close consultation with the Swapstream User Board. By working closely with market participants and platform users, Swapstream ensures its platform remains the sharpest and most effective in the industry.”
Swapstream is a wholly-owned subsidiary of the Chicago Mercantile Exchange Inc.