SOURCE: Interactive Data

February 06, 2013 08:00 ET

Interactive Data Provides Managed Services to Industry's First Regulated Interest Rate Swaps Exchange

trueEX Leverages Wide Range of Interactive Data's 7ticks Services for Hosting and Supporting Matching Engine Architecture

CHICAGO, IL--(Marketwire - Feb 6, 2013) - Interactive Data Corporation, a leading global provider of managed ultra-low latency IT and market data feed services to facilitate electronic trading, today announced an agreement to provide a full suite of services to trueEX, LLC, the first interest rate swaps exchange approved by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM).

Interactive Data is providing trueEX with low-latency hosted services through its 7ticks platform. These services will include monitoring and support for the trueEX matching engine and network architecture, along with connectivity to leading global exchanges such as the CME and the ICE via the 7ticks network for post trade execution clearing solutions. trueEX market participants will be enabled to access financial exchange matching engines from anywhere on the 7ticks global network.

"We provide trueEX and its market participants with managed services designed to help address key issues related to the new swaps trading environment, helping to facilitate market participants with liquidity, fast execution and clearing," said Emmanuel Doe, president, Trading Solutions Group for Interactive Data.

Interest rate swaps were previously traded mainly by phone and lacked regulatory oversight. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, OTC derivatives trading is now mandated to be electronically executed and cleared in order to provide greater market transparency and efficiency while also reducing systematic risk. In response to this mandate, trueEX founded the first DCM that will serve the $300 trillion global interest rate swaps market when it begins operations in early 2013. This electronic exchange has been designed to meet the needs of market makers, asset managers, hedge funds and other buy-side firms.

"Our clients and market makers look to us to help them meet their regulatory reporting, execution, and clearing requirements through our electronic platforms, as well as provide them with a state-of-the-art facility with all the benefits of security, reliability and redundancy that Interactive Data provides," said trueEX Chief Executive Officer Sunil Hirani.

Leading hedge funds, ISVs, FCMs, investment banks, proprietary trading firms and exchanges, utilize the 7ticks network, which provides Direct Market Access (DMA) to more than 50 global markets, with advanced co-location and proximity hosting. DMA connectivity is available for a wide range of global futures, options, equities and FX exchanges and trading venues for multi-asset class and ultra-low latency trading.

Clients utilizing Interactive Data's 7ticks network also have access to the Interactive Data Consolidated Feed, which delivers low latency data from more than 450 sources worldwide. The sources in the Consolidated Feed cover more than 150 exchanges, 110 contributors of OTC data and include multi-asset class instrument coverage and extensive Level 2 data. The feed is used by financial institutions globally to power algorithmic and electronic trading applications, and is now supported by ticker plants located throughout North America, Europe and Asia. The 7ticks network also provides direct connectivity to dozens of global futures and options, equities and FX exchanges and trading venues for multi-asset class and ultra-low latency trading.

About Interactive Data Corporation
Interactive Data Corporation is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data's offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management. Interactive Data has over 2,500 employees in offices worldwide.

Interactive Data 7ticks is a business of Interactive Data Real-Time Services.

About trueEX
New York-based trueEX LLC, the first swaps exchange approved by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM), was designed from the ground up as the first Dodd-Frank compliant swaps exchange. Founded by CEO Sunil Hirani and co-founder Jim Miller in 2011, trueEX will initially trade interest rate swaps and add other liquid derivatives as appropriate. Mr. Hirani also founded Creditex, the first electronic trading platform for credit default swaps (CDS), which was sold to ICE in 2008. He and members of the trueEX management team also launched T-Zero (now ICE Link). For additional information, please visit the trueEX website:

Contact Information

  • For More Information:

    Interactive Data
    Brian Willinsky (North American media)
    Tel: +1 781-687-8291
    Email: Email Contact

    Geoff Whitehouse (Europe and Asia-Pacific media)
    Tel: +44 (0)20 7825 8012
    Email: Email Contact

    Sara Lewin
    Chief Administrative Officer
    Tel: +1 646-786-8521
    Email: Email Contact

    Jill Totenberg
    Media Relations
    Tel: +1 212-704-0352
    Email: Email Contact