trueEX launches real-time swaps execution platform

trueFIX platform aims to offer real-time, automated trading of dollar, euro and sterling interest rate swaps.

Swap execution facility (SEF) trueEX has launched a real-time, automated execution and processing platform for US dollar, euro and sterling swaps.

The trueFIX platform has been launched in conjunction with J.P. Morgan and RBS and will give institutional investors the ability to transact the full range of interest rate swaps while processing portfolio line items. trueFIX is also connected directly to LCH.Clearnet and CME for near instantaneous processing.

J.P. Morgan and RBS worked with trueEX to develop the trueFIX API and are planning to introduce new capabilities to the client in the future. Other dealers are also expected to join the initiative in due course.

Jennifer Tierney, head of North American rates e-sales at J.P.Morgan, said: “The trueEX offering represents a step-change for the industry. By providing clients access to near-instant pricing, execution and processing, trueEX is once again demonstrating the benefits of independent thinking. As the market leader, it is natural for J.P. Morgan to support innovations like this, and participate in initiatives that truly enhance the client experience.”

“J.P. Morgan and RBS were not only amongst the first dealers to onboard to trueEX, but they are pioneers in the development of these enhanced capabilities on the trueEX platform. Their foresight and leadership blazes a path to more efficient and effective markets. With their early support for trueFIX, all market participants will benefit,” added Sunil Hirani, CEO of trueEX.