Capital markets system provider Etrading Software, and electronic loans technology specialist Artis Holdings, have completed the opening bids wanted in competition (BWIC) process via the live WIC trading platform for their first onboarded clients.
“The WIC trading platform is the latest step toward electronification of workflows for the loan market, providing market participants with an automated, reliable and user-friendly choice when trading loans,” said Grant Wilson, managing partner of Etrading Software. “Together with market participants, our goal is to better meet the demand for efficient, streamlined loan trading while continuing to preserve the existing dealer/client relationship. With the completion of the opening WIC on the platform we have had the invaluable opportunity for live feedback from trading desks and will continue to focus on further enhancing the platform by deploying new innovative trading functionality that will enhance the trading experience and ease the manual workflows and risks in the current, spreadsheet based model.”
The WIC Platform semi-automates BWIC/OWIC administration by removing the manual email/spreadsheet sharing process across multiple sell-side and buy-side firms, whilst supporting the current dealer/client information and value chain. It can enable all parties to experience a streamlined version of the existing process and potentially shorten the WIC process, avoiding long periods of no trading in the names in a WIC, as well as a lengthy timeframe in which bids/offers are valid for.
The new system also creates an infrastructure for participating in WICs, whilst preserving the market model for the WIC process. This could reduce the historic operational risks for all parties involved by removing the bulk of the manual data sharing and data keying from multiple spreadsheets and provides real time calculation of best execution options, potentially greater accuracy of cover prices and timing of release of cover prices as well as internal and external compliance reporting. The tool also supports management understanding of flows in real-time and acts as a source of data which might be lost through the existing manual processes.
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