UNITED KINGDOM: Tradeweb Executes First Swap Connect Transactions in Collaboration with CFETS

Tuesday May 16 2023

On 15^th May 2023, Tradeweb Markets Inc. (Nasdaq: TW) announced that it has facilitated its first transactions on Swap Connect, China’s new electronic trading channel for CNY interest rate swaps (IRS), and it is currently the only international electronic trading platform that supports both request-for-quote (RFQ) and click-to-trade (CTT) execution protocols. Having previously collaborated with the China Foreign Exchange System (CFETS) to design and launch Northbound Bond Connect, CIBM Direct Link and Southbound Bond Connect, Tradeweb has teamed up again with CFETS to internationalise CNY IRS with the delivery of Swap Connect.

In its initial phase, the Swap Connect programme will connect offshore investors with mainland China’s interbank CNY IRS market through a Northbound route. Once onboarded with Tradeweb for Swap Connect trading, clients can place orders using the RFQ or CTT electronic execution protocols and can clear trades through HKEX OTC Clear (OTCC) under Hong Kong’s internationally familiar legal framework.

Click on the above link for further information