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Greek bond Swapbox wins award

Euroclear’s Greek bond Swapbox has won a special mention in the 2011 edition of Financial-i’s Leaders in Innovation Awards.

The award is granted every year by the magazine  to “global transaction banks and financial hardware and software providers that have excelled, in terms of innovation in business solutions”.

The Swapbox concept was introduced in late 2011 when we arranged the first swap of Greek government bonds between a number of consenting primary dealers in these securities. These dealers were faced with the fact that the move by the Greek Debt Office (PDMA) to exchange sovereign paper only targeted long positions.

Our innovative solution – known as the ‘Swapbox’ – enabled Greek primary dealers to close out both long and short positions in Greek government debt in a highly secure manner. The solution was developed in a matter of weeks by Euroclear experts and unblocked liquidity by helping stakeholders unwind their long and short positions in Greek sovereign paper.

See media release

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