The New York headquartered provider of pre-trade and post-trade processing solutions covering risk and compliance reporting, has today announced that it will provide connectivity to four trade repositories including that of the CME, DTCC, Regis-TR, and UnaVista in time for the EMIR deadline of February 12, 2014.
This connectivity will be facilitated through its Harmony TR Connect trade reporting service, as firms prepare for the European Market Infrastructure Regulation (EMIR) to take effect on the 12th of February, 2014.
EMIR will require that certain institutions report their derivatives trades, both over-the- counter (OTC) and exchange traded derivatives (ETD), to appropriate trade repositories (TRs). Similar announcements were underway in the U.S. as SEFs and SDRs have become provisionally approved by the CFTC, as covered by Forex Magnates today.
Connecting Trade Repository Data for Facilitating Compliance
The Harmony TR Connect solution is described as aiming to streamline this process by providing a single point of connection for post-trade reporting of OTC and ETD trades. The service will initially support FX, ETD and equity derivatives, with additional products being added over time. Additionally noted was that support for further trade repositories will be added after the European Securities and Markets Authority (ESMA) go-live date, as described in the official press release.
Traiana’s CEO Andy Coyne, commented in the official press release saying, “Traiana helps financial market participants to meet global regulatory requirements and in Europe we will be able to deliver standardized and consistent trade reporting for our clients operating in the global derivatives market, no matter which trade repository they use.”
Compliance Solutions a Key Element of Certain Technology Vendors
The firm has been on the forefront of complying with regulatory changes in order to quickly extend its compliance efficiency solutions to its users for meeting their own respective compliance obligations via Traiana’s solution. For example, the launch of Harmony TR Connect in Europe follows the successful implementation of the service to address the US (Dodd Frank / CFTC), Australia (ASIC), Hong Kong (HKMA) regulatory requirements.
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Earlier today Forex Magnates also covered news related to Traiana as industry feedback and attention surrounding the regulatory landscape, which has emerged for swaps in recent years, are set to make further changes as rules go into effect, such as the those of EMIR in February.
The service supports a number of trade reporting solutions which both buy and sell-side participants can leverage in order to report their individual trades to the trade repository of their choice. This includes comprehensive Unique Transaction Identifier (UTI) management capabilities allowing banks to share UTIs with their counterparts, irrespective of trading paradigm, so the correct identifier can be provided with initial trade repository submissions.
European Trade Repositories Connected to Harmony TR Connect Speak Out
Daniel Corrigan, Executive Director & CEO, European Trade Repository, CME Group added in the press release from Traiana, “The messaging service provided by Traiana enables clients to submit multi-asset class ‘over-the-counter’ and exchange-traded derivatives data to our CME European Trade Repository in a simple and efficient manner. The efficacy of Traiana’s messaging and Unique Transaction Identifier (‘UTI’) generation is key to this offering.”
Also commenting in the official Traiana announcement was Stewart Macbeth, the CEO of DTCC Derivatives Repository Limited, he said, “We recognize that compliance with EMIR reporting requirements is a significant undertaking for buy-side and sell-side firms alike. We continue to promote an open model and support our clients by offering them flexibility and choice, either directly or through third parties.”
The Managing Director of REGIS-TR (part of ClearSteam), Nicolas Boatwright, also added in the press release, “We are delighted that Traiana will provide access to REGIS-TR for its clients through its Harmony TR Connect Reporting service. With a vast network of clients from across the EU and the full spectrum of reporting entities, REGIS-TR is well placed to service any type of counterparty. Like Traiana, our approach emphasizes simplicity, accessibility and predictability. We also believe having flexible participant profiles that allow any entity to participate directly and/or delegate to a third party is a significant customer benefit.”
Concluding comments in the press release from Traiana, Mark Husler, who also holds senior roles at the London Stock Exchange (which owns Univita), and as CEO of UnaVista, echoed the optimism of the four firms connected, speaking on behalf of UnaVista, “We are delighted to be working with Traiana to help customers meet their EMIR obligations. We are committed to providing the industry with a wide variety of options on how to connect to our trade repository in order to comply with EMIR, both by coming direct, via our Rules Engine or one of our technology partners.”
Traiana is owned in the majority by ICAP, yet also has stakeholders represented by its users as the solution has gone from industry supported to industry owned, to help better align the interest of its majority owner with clients of Traiana, as covered by Forex Magnates late last year.