TransFICC Launches Interest Rate Swap Service

Fixed income and derivative technology provider TransFICC has unveiled a new e-trading service for interest rate swaps (IRS), combining a hosted desktop GUI, IRS venue and workflow integration, server hosting and connectivity.

The firm says the service has been developed in response to banks asking for increased efficiency when managing Request for Quotes (RFQs), and streamlines workflows by presenting traders with pop-up tickets to support outright, curve and compression trades, with pricing fields automatically populated by internal pricing engines.

The plug and play service supports all IRS workflows, provides security and disaster recovery, and is quick to deploy, it adds, with the capability to install a new bank client with dedicated hosting in under two weeks. TransFICC says the service is live with IRS, and US Credit trading will be added in summer 2023.

“We have built a service that is easy for banks to deploy,” says Judd Gaddie, co-founder of TransFICC. “Private circuits and dedicated hardware meet the security and compliance needs of banks, and the GUI is lightweight, performant, and simple to integrate with internal bank applications. We have also developed a simulator for incoming RFQs to help banks test their pricing applications”

Steve Toland, co-founder of the firm, says, “Adding e-trading is a natural extension of our existing service and uses the same ‘One API’ product for elements of core functionality. Banks trading in fixed income markets need technology which supports new venues and workflows, and enables them to reduce legacy system costs. Our e-trading service does exactly that.”