Buy Side Ranks SwapsWire Dealers

Deutsche Bank, JP Morgan Chase and Goldman Sachs were ranked as top dealers by buy side users in the 2007 SwapsWire Dealer Performance Survey.The survey ranked dealer performance in four major categories: Inputting All Eligible Deals, Fastest to Input Trades, Most Accurate and Quickest to Address Trade Queries.

SwapsWire automates legal confirmation, trade capture and broker confirmation for many OTC derivatives products and is owned by a consortium of 21 derivatives dealers.

"The SwapsWire initiative has been driven by the dealer side and the buy side has embraced it, but now they want to make sure their counterparts are using it as well," says Henry Hunter, chief marketing officer at SwapsWire. "They're saying 'we're doing our bit, now we want to tell you how you're doing.'"

Hunter adds that the survey also provided a forum for buy side users to give feedback on where dealers can improve and where they are doing well with the SwapsWire system. "It's great encouragement to fully utilize everything available on SwapsWire," says Hunter.

As for the rankings, Deutsche Bank topped the Inputting All Eligible Deals category, followed by Merrill Lynch and Royal Bank of Scotland tying for second. JP Morgan placed tops in the Fastest to Input Trades category, followed by Deutsche Bank and Goldman Sachs.

For Most Accurate, Goldman Sachs scored highest with Royal Bank of Scotland and Barclays Capital rounding out the top three. Goldman Sachs also scored highest in the Quickest to Address Trade Queries category, followed by Royal Bank of Scotland and Deutsche Bank tied for second.

Looking to the future, Hunter says SwapsWire will be adding products in the equity derivatives area. Total return swaps will be the next delivered product while there will be continued build out in interest rate derivatives products. In particular, Hunter says that clients in the survey said they wanted to see basis swaps added and that will most likely be delivered later in the year.Total Return Swaps, Interest Rate Derivatives, Royal Bank of Scotland, Barclays Capital, Goldman Sachs, Deutsche Bank, JP Morgan, Henry Hunter, Basis Swaps, SwapsWire, Derivatives