tpMATCH

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tpMATCH is Tullett Prebon's electronic FRA matching platform that enables traders to reduce their LIBOR fixing risk. The system, available in all major currencies, in multiple tenors, is hosted in Singapore and supported by teams in our Europe, Americas and Asia Pacific offices. tpMATCH was successfully launched in late 2009 with US Dollar, Euro and Sterling; 2010 has seen the addition of Singapore Dollar, Hong Kong Dollar and Japanese Yen. Further currency releases are scheduled in the near future according to market demand.

LIBOR fixing risk is reduced as the result of matching trades across portfolio positions. Each individual order may be made up of different notional amounts and total orders need not sum to zero. The resulting trades (post IMM hedging) will be as delta and curve neutral as possible with risk rolled into the front IMM contract vs the stub.

Traders send orders to the matching sessions by e-mailing computer generated spreadsheets to tpMATCH.

Once all orders have been uploaded into the system, tpMATCH performs a matching run. The run is based on a mid-market curve set by the industry-leading short-end swaps desk, incorporating all market expectations. Post matching run, traders will be notified of their trades and residual orders via email. All confirmations will be generated automatically and sent in the usual way, including Markit Wire/SwapsWire confirmations.

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