Multi-dealer request for quote (RFQ) platform OTCX has introduced 'the world's first electronic non-deliverable interest rate swaps (NDIRS)' in Colombian Peso (COP), Malaysian Ringgit (MYR), Chilean Peso (CLP), Chinese Yuan (CNY) and Taiwan Dollar (TWD).

The platform is seeking to capitalise demand in new risk around interest rate derivatives and the exponential growth in demand for a digital solution to replace manual processes in OTC derivatives trading, by providing opportunities available for increased portfolio diversification.

"We're expanding our growing emerging markets capability and pioneering the digitisation of the OTC derivatives market," said Nicolas Koechlin (pictured), founder and CEO of OTCX. "It is essential to overcome the needless obstacles and friction of voice and chat with a solution that offers greater transparency and access to prices across the spectrum of currencies and markets. Our goal is to accelerate this process with innovative technology that serves the buy side, sell side and end investor."

OTCX has also become the first to have facilitated and completed two-way electronic price discovery and negotiation in new risk in over 27 currencies, covering the G10 and emerging markets. The platform fully automates manual processes between the buy side and liquidity providers in vanilla and exotic OTC derivatives via a browser-based digital portal that replaces voice and chat with straight through processing (STP) and analytics.

In 2018, OTCX has also been active in interest rate derivatives for new risk and compression in Singapore Dollar (SGD), Brazilian Real (BRL), Czech Koruna (CZK), Israeli Shekel (ILS), Korean Republic Won (KRW), Hungarian Florin (HUF), Thai Baht (THB), Polish Zloty (PLN), Mexican Peso (MXN), Indian Rupee (INR), Hong Kong Dollar (HKD) and South African Rand (ZAR).

The platform which has recently expanded its equity-linked structured product offering to include FX and credit (CLNs, is aiming at becoming a globally established hub and entering several Asia Pacific markets in 2018.

The last year has seen OTCX move from strength to strength both in terms of activity through the platform and support for new payoff types, according to Koechlin.

"Our successful move into the North America market has coincided with a wider offering in fixed income, currencies and commodities (FICC) and credit underlying asset classes," said Koechlin. "The coming year will see OTCX increase its capabilities in streamlining the process with increased numbers of issuers connecting to our application library interface (API) libraries for pricing and downstream integration, whilst continuing to add to the supported payoff types."

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