Key facts
- Tradeweb completed the first electronic termination of a bilateral interest rate swap.
- The transaction involved Citi and BlackRock unwinding a five-year Sterling Overnight Index Average (Sonia) swap.
- The swap termination occurred in late August.
- Tradeweb aims to streamline lifecycle events for non-cleared derivatives and encourage electronic trading.
Tradeweb has announced the completion of the first electronic termination of a bilateral interest rate swap. This milestone is part of a broader initiative by the trading platform to streamline post-trade lifecycle events for derivatives and to drive greater adoption of electronic trading for non-cleared instruments.
The specific transaction involved Citi and BlackRock, who unwound a five-year swap referencing the Sterling Overnight Index Average (Sonia) in late August. This event follows Tradeweb's earlier success in facilitating the first fully electronic termination of a cleared interest rate swap.