Interest Rate Swaps
Cleared IRS,
multi-venue access.
G10+ spot, forward, and IMM outrights, curves and flys in SONIA, SOFR, and €STR, with auto-execution of limit and stop orders, on one workflow.
Market structure
IRS, how the market is actually transacted.
The interest rate derivatives market is dominated by bank-to-client and bank-to-bank flow, with the bank acting as principal on almost every transaction. Understanding that structure is essential for any execution infrastructure that aims to route efficiently, it shapes venue selection, clearing, and counterparty management on every trade.
ISDA
The overwhelming majority of derivatives transactions involve a bank acting as principal, either with an end client (c.58%) or with another bank (c.42%).
– ISDA, Demystifying Derivatives Trading in the EU (2022)
| IMM outright | Broken-dated | Curve & fly | |
|---|---|---|---|
| Multi-venue access | |||
| Auto-executed limit & stop | – | ||
| Legging risk | – | – | Minimal on package; configurable |
| Independent mid | liveMid | liveMid | Per-leg |
| Best-ex evidence |
Coverage
The full IRS complex, from outright to multi-leg package.
IRS is a product where getting execution wrong is expensive. Ediphy Markets covers G10+ spot, forward, and IMM outrights, the broken-dated and seasoned swaps that need careful handling, and curves and flys where coordinated multi-leg execution is non-negotiable. Multi-venue access sits underneath all of it.
Everything sits on one workflow, with limit and stop orders auto-executed as the market reaches them. We run SONIA, SOFR, and €STR end-to-end today, and can cover any major curve.
Built for rates traders & PMs.
Designed around how IRS actually trades, multi-venue access, auto-executed limit and stop orders, clearing handled underneath.
Multi-venue access
Multi-venue access for IMM outrights, broken-dated swaps, and coordinated execution for curves and flys. Limit and stop orders auto-execute as the market reaches them, driven by the trade, not by venue tie-in.
MULTI-VENUE · AUTO-EXEC
Cleared at source
Trades are cleared, routed automatically, and confirmed back to the blotter, with margin and collateral integrated downstream.
CLEARED · STP
Best-execution evidencing
Every swap carries a full trail, venues considered, prices received, protocol rationale. MiFID II best-ex evidence generated as a by-product of trading.
MIFID II · AUDIT TRAIL
Workflow integration
OMS integration for the desk, EMS Client API for automated flows, initial IRS IMM automation is GA. Allocations and clearing confirmations flow STP to middle office.
OMS · EMS API · STP
Why Ediphy
One workflow, one API, for outrights and structure.
Most rates traders and PMs split their flow across multiple platforms: one for outrights, another for structure, and a third the middle office uses to reconcile across the others. Ediphy Markets consolidates IRS execution into a single workflow: the same UI, the same analytics on every trade regardless of venue. Limit and stop orders auto-execute as the market reaches them.
Everything the UI does is available over the Ediphy EMS REST API. Submit orders, manage positions, and stream execution events programmatically, the same multi-venue access, the same independent mid, the same best-execution evidence, driven from your own systems.
Multi-leg packages and leave orders
Package execution and resting orders.
Curves and flys can execute as contingent packages or as individually legged trades, configurable per order. Package execution coordinates the legs so legging risk is minimal; legging in deliberately stays available when a desk wants to work the legs separately and take that risk on its own terms. Post-trade attribution is unified, so if a curve steepener cost more than it should have, you can see where.
Leave orders, not just RFQs. Instead of sending a one-shot request for quote, a trader can abstract the RFQ into a resting order with a limit: set the level, and fairEx works it across venues, executing automatically as the market trades to that level. The request for quote becomes a live, limit-bound order rather than a single enquiry, and limit and stop orders rest and fill as the market reaches them, with no manual re-requesting.
MARKET CONTEXT
Almost everything that trades clears, so the execution problem is no longer about clearing connectivity. It is about routing multi-leg packages cleanly across venues with minimal legging risk, configurable per order.
ISDA
Post-trade information [can be] aggregated into anonymized, composite price indicators … disseminated to market participants at the end of each day [to] provide an indication of where the market has traded.
– ISDA · Transparency in Over-the-counter Interest Rate Derivatives Markets
Post-trade transparency
Post-trade data in OTC derivatives, the regulatory direction of travel.
The regulatory push for post-trade transparency in OTC derivatives markets has been sustained and global. ISDA's work on anonymised composite indicators reflects where the market is heading, and sets the context for how execution infrastructure needs to be designed to support both trading and compliance obligations.