Traiana Announces OTC FX Clearing Solution
Traiana, leading provider of post-trade solutions, announced today that it is providing real-time straight-through-processing (STP) connectivity through the Harmony network
Traiana, leading provider of post-trade solutions, announced today that it is providing real-time straight-through-processing (STP) connectivity through the Harmony network to parties wishing to link to central counterparties (CCPs). This solution will allow for connectivity and matching between executing banks, prime brokers, execution platforms and CCPs for OTC foreign exchange (FX) trades. CME Clearing is the first CCP to connect to the Harmony network.
Traiana Harmony already supports over 500 financial institutions, providing connectivity between prime brokers, executing brokers, buy-side firms and execution platforms for FX trades. The firm’s move to provide connectivity between CCPs and FX market participants is an extension of Traiana’s existing post-trade workflow solutions for the FX marketplace.
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Gil Mandelzis, CEO, Traiana, said, “Traiana already has the expertise, knowledge and live applications to automate NDFs and FX options post- trade, and is the leader in providing such services to the industry today. We are working closely with our clients and partners to expand these services to cover CCP related flows while maintaining the integrity of the connection and a consolidated view. We are pleased to be working with CME Clearing as our first CCP partner to connect.”
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Roger Rutherford, CME Group’s Managing Director of FX products, said, “CME Group has made significant steps towards developing a clearing solution for the OTC FX market, both interbank and client, and has been working closely with many participants from all areas of the FX industry. We are delighted to be the first central counterparty that is linked to Harmony, knowing that with the connection, we are making our service available to many participants in the market. We look forward to working together to process live trades in the coming months.”
About Traiana Inc.
Traiana Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and e-trading platforms with solutions to automate post-trade processing of financial transactions. Traiana’s post-trade solutions and the Harmony Network are used by over 500 of the world’s leading financial market participants and have become the market standard for post-trade processing of foreign exchange, exchange traded derivatives, cash equities, and CFD equity swap transactions. Traiana, an ICAP company, is headquartered in New York City with offices in London, Chicago, Tel Aviv and Tokyo.
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do you know if this is the technology that will allow ECN’s and banks to accept lower trade size e.g. micro lots
the banks do accept small trades its up to the ecn if to allow them to the clients. there is a cost for using traiana for move the trade from a bank to the pb so if its a real small trade the ecn will come out with a loss
There is a really good article about that (banks & small orders) in e-forex magazine of Jannuary 2011. Its called “Solving the post-trade puzzle” and explains the issue in-depth. The gist of it is that there are still a lot of legacy systems in the banks backoffice infrastucture that cannot cope with typical retail flow (very high ticket count with very low notational). Its simply not made for that, it was designed to process a much lower ticket count. Upgrading or replaceing these systems is risky as well as expensive. Additionally, there is a fixed cost for post-trade processing, and… Read more »