SwapsWire, the over-the-counter derivatives consortium, is to launch an electronic credit derivatives matching service rivalling the soon-to-be-launched service run by the US Depository Trust & Clearing Corporation (DTCC).

This will be the first venture for SwapsWire outside the plain vanilla interest rate swaps market where a similar service was launched in late 2002. SwapsWire is effectively a network which allows brokers and dealers to confirm OTC derivatives deals electronically and in real time, avoiding the need for each party to record trades separately and then subsequently match and confirm these. It is co-owned by a consortium of 23 leading derivatives dealers and used at 29 sites in both Europe and the US, and currently supports interest rate swap trades in nine currencies.