Tullett Prebon launches aggregated SDR feed for interest rate swaps
Tullett Prebon has launched an aggregated swap data repositories data feed for the interest rate swaps market, aiming to increase price transparency in accordance with the Dodd-Frank Act.
The feed makes pre- and post-trade data available together in an easy-to-consume and consistent format, providing a comprehensive view of the market that combines standardised post-trade data with pre-trade bids and offers.
“Regulatory change, notably the Dodd-Frank Act, has resulted in increasing levels of electronic trading in interest rate swaps which in turn is driving demand for transparency in this evolving market,” said Frank Desmond, managing director at Tullett Prebon Information. “With SEFs publishing trades on designated repositories, firms need ways to access this information and plug it into their own analytics and trading activities. The problem is, in its raw form, SDR data is not always sufficient or even easy to digest. By standardising it and adding in our own indicative feed, firms have access to an in-depth market view from a service they already rely upon and trust.”
The new feed includes post-trade prices and volumes from the Depository Trust & Clearing Corporation, one of the most widely used SDRs for the IRS market. This complements Tullett’s own indicative IRS data.
The service covers IRS fixed/float, OIS and Basis Swaps across all major currencies and is available via TPI’s proprietary SURF feed on a real-time, intraday and end-of-day basis. Tullett Prebon plans to extend the service to include other SDRs, so firms will be able to benefit from consolidated data from multiple sources in a single vendor feed.
