Swap shop finally gets off the phone...
By Dan Ilett
Published: 14 February 2006 13:40 GMT
Financial information and media company Bloomberg and several major banks are forming a new e-trading company.
ABN Amro, Barclays Capital, HSBC and JP Morgan will be part of a consortium which will operate a 'vanilla swaps' trading platform in interest rate and derivatives products.
The term 'vanilla swaps' means a like-for-like swap. The value of the swap is the difference between the interest rates on a fixed amount of money. It is one of the last areas in wholesale banking that still largely relies on telephones for communication.
Russel Levi of Bloomberg, said in a statement: "The increasing usage of derivatives among institutional asset managers is driving the demand for a well distributed multi-bank platform to provide best execution and offer straight-through processing."
Bloomberg is thought to be contributing to the project with its SwapTrader platform, which offers swaps in dollars and euros.
Initially you will work on the Bloomberg/DTC and Clearstream issuance process automation, which has tight deadlines and is high priority. ...
This position provides a challenging opportunity to develop software for the front-office Global Derivatives business that encompasses Credit, ...
You will be exposed to a cross asset index portfolio that will give you exposure to all asset class such as equities, credit, fixed income, interest ...
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