By Katy Burne
A group of dealers is looking to roll out an electronic-trading platform, The Wall Street Journal reports. The swap-execution facility, called Javelin, will provide over-the-counter derivatives users with an alternative to trading privately negotiated contracts on public exchanges.
Javelin cleared its first swap of $6 million on July 16 with IDGC, but the names of the parties behind the trade could not be determined. The new platform does not favor any specific clearing houses or technology and accept trades from any party.