SwapsWire, the electronic processing network for over-the-counter derivatives, has launched an electronic credit derivatives matching service, just a week after a rival service was unveiled by the US Depository Trust & Clearing Corporation (DTCC).

According to SwapsWire, which is owned by a consortium of 23 dealers, five banks have begun sending credit default swap (CDS) confirmations between themselves using the service. Several of the dealers are to replace their existing confirmation processes with SwapsWire from Thursday.