trueEX launches non-cleared derivatives trading platform

trueEX non-cleared interest rate swaps platform to launch in Europe following implementation in US, Canada and Japan.

trueEX has announced the launch of its trading platform for non-cleared interest rate swaps in Europe.

The platform - which has already launched in the US and Canada  - allows dealers and their buy-side clients a central venue for novation, processing of transferring of swaps, pricing and margin payments.

Providing an electronic protocol to communicate the trade information, pricing, credit support annex (CSA) details and margin payments, the platform streamlines negotiation and assignment of unlimited numbers of swaps, trueEX said.

Head of product development at trueEX, Christina Landry, described the launch in Europe as a “watershed moment for the non-cleared swaps market.”

“By opening up the marketplace to more efficient execution and processing, we can vastly improve the experience of trading and managing these systemically important instruments for both the front and back office,” she said.

Societe Generale has already implemented the trueEX platform and its managing director, Barry Cohen, explained it has helped drive Soc Gen’s position in non-cleared currencies.

“We were the first dealer to transact dealer-to-client IRS in PLN, MXN and BRL via trueEX. Moreover, trueEX helps us manage a significantly more efficient and cost-effective workflow,” he said.