Virtu Launches Electronic Swaptions Workflow on RFQ-hub

Virtu has launched a new electronic workflow for swaptions on credit default swaps on its cross-asset multi-dealer request for quote (RFQ) platform, the RFQ-hub. The new workflow was developed in collaboration with asset manager Union Investment which worked with the RFQ-hub team to automate existing traditional voice and manual dominated swaptions within CDS workflow. It allows swaptions traders to gain better price discovery by leveraging multiple liquidity providers via electronic request for quote workflows. Union was the first institution to negotiate one of the fully electronic swaptions on credit default swaps (CDS) RFQ via the RFQ-hub in the first half of this year. The pair confirmed this subsequently resulted in an over-the-counter trade executed in that instrument.