Etrading Software and Artis Holdings Loans Electronic Platform are open for business

By Joy Dumasia

Etrading Software, the independent, global provider of technology-led solutions designed for financial institutions and industry initiatives, in partnership with Artis Holdings Limited, a technology provider of electronic platforms and tools for the Loan market, announces it has completed its opening BWIC (Bids Wanted in Competition) process via the live WIC trading platform for the first onboarded clients.

The WIC Platform semi-automates BWIC/OWIC administration by removing the clunky and often risky email/spreadsheet sharing process across multiple Sell-side and Buy-side, whilst respecting and enhancing the current Dealer/Client information and value chain. It enables all parties to experience a streamlined version of the existing process. It significantly shortens the WIC process by hours if not days, avoiding long periods of no trading in the names in a WIC and a longer timeframe in which bids/offers are valid.

The new system also creates a robust infrastructure for participating in WICs, whilst preserving the market accepted DNA of the WIC process. This significantly reduces 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 instantaneous calculation of best execution options, greater accuracy of cover prices and timing of the release of cover prices as well as internal and external compliance reporting.

Grant Wilson, the Managing Partner of Etrading Software, said: “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. 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.”