Traiana, a provider of pre-trade risk and post-trade processing solutions, has unveiled its Swaps Centre, a newly tailored services suite to help allow swaps providers electronically manage their respective payments and confirmations across equity swaps, according to a company statement.
The launch of Traiana’s Swaps Centre streamlines several different functionalities across equity swaps. This includes the sending of confirmations and uploading of payment instructions into normalized formats to a respective client base for Total Return Swaps (TRS).
Moreover, Swaps Centre also helps empower swap providers and their clients with an efficient, cost effective, and improved risk solution for managing events during the course of equity swap transactions. The Swaps Centre will be available through Traiana’s Harmony Network – clients will also be able to access a user interface (UI) for both confirmations and payment notifications.
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A unified UI will garner full access to confirmations across swap providers. This utility will also extend to banks, helping them satisfy a litany of regulatory requirements, whilst also providing them with a new tool for multi-client confirmations. This runs in direct contrast to existing or traditional methods deployed by swaps providers, which can be cumbersome and lead to more inaccuracies or profit and loss breaks.
Traiana’s Swaps Centre was launched with the aim of remedying these issues and is compatible with Traiana’s Equity Swaps solution. According to Laura Craft, Director of Securities Strategy at Traiana, in a statement on the launch: “These new services will help firms to improve operational efficiency and reduce the frequency of P&L breaks as a result of inaccuracies and discrepancies.”
“As the process is electronic, and enables normalized data sets, this can also be done much more quickly – daily rather than monthly – which has additional financial and operational efficiency advantages and ensures a greater degree of certainty in the T+1 and beyond reconciliation process via a dynamic and flexible online tool,” she added.