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First IRS Traded on the Javelin CLOB via UBS Neo
NEW YORK, July 10, 2014 /PRNewswire/ --Javelin SEF, LLC ("Javelin") announced today a major milestone with the execution of its first Interest Rate Swap ("IRS") via the UBS Neo platform, a Swap Execution Facility ("SEF") aggregator. This trade is also notable because it was the first time a buy-side firm used a SEF aggregator to execute an IRS on Javelin's anonymous Central Limit Order Book ("CLOB"). Javelin recently began streaming prices to UBS Neo. All of Javelin's prices on UBS Neo are live and actionable for customers of UBS' Introducing Broker service. Additionally, customers can also direct voice trades to the Javelin SEF by calling the UBS client execution services desk.
"This is a major milestone for Javelin and we are very excited to have UBS as a partner," said Wally Sullivan, CEO of Javelin. "This was not a test trade. It was a $50mm notional 10-year trade done between a buy-side firm and one of our dedicated liquidity providers."
"We're pleased to be further broadening the range of liquidity providers available via UBS Neo. The ability to access additional sources of CME-cleared prices from Javelin have been welcomed by our customers," said Paul Hamill, Global Head of FX, Rates and Credit Execution Services for UBS.
Javelin is well positioned for the market to move towards CLOB trading. "We have exceptional CLOB technology and solid liquidity for a SEF at this stage of the IRS market's evolution towards electronic CLOB trading," said Michael Koegler, Managing Director of Javelin Capital Markets.
About Javelin Capital Markets
Javelin SEF, LLC (www.thejavelin.com) is a derivatives execution platform for Interest Rate Swaps. Javelin offers both anonymous electronic and voice-hybrid methodologies for trade execution. Javelin works with several execution partners to ensure optimal liquidity for its diverse customer base. Javelin is one of the first platforms to register as a SEF, or Swap Execution Facility, under the Dodd Frank Act with the CFTC.
SOURCE Javelin SEF, LLC
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