The International Swaps and Derivative Association (ISDA) has formally recognised interdealer broker BGC Partners’ euro interest rate swap (EUR) and US dollar (USD) interest rate swap pages as price references. The pages will be snapshots of real-time BGC screens taken at a predetermined time daily.
ISDA documentation governs the terms to confirm, mark, assign and terminate derivative transactions between counterparts and the association highlights officially recognised pricing references from industry providers as part of its best practice policy.
Robin Clark, executive managing director at BGC Partners, says: “This is a significant development for our clients because it is a reflection of the widespread, and rapidly growing, use of our screens to view real-time trading prices based on our hybrid voice, voice assisted and electronic brokerage services in a variety of products. We believe that this will contribute to market best practices and are publishing this data for the benefit of ISDA members worldwide.”
The Reuters pages BGCANTOR60 for euro and BGCANTOR50 for US dollar were referenced within the 2006 ISDA Definitions on 19 August 2008, according to BGC Partners.
The pages are published by BGCantor Market Data, a division of BGC Partners and a global provider of derivatives, treasury, and fixed income data to market professionals.
ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association by number of member firms. ISDA was chartered in 1985, and today has over 840 member institutions from 56 countries on six continents.