Traiana, an ICAP company which is a provider of pre-trade risk and post-trade processing solutions, today reported a threefold growth in allocation volumes via its Harmony Equity Swaps service as clients embrace the post-trade efficiencies that it provides during a period of regulatory change.
The company’s Harmony Equity Swaps solution reduces the cost and complexity of post-trade processing for the contract for difference/equity swaps market by providing a central, automated and secure electronic messaging and matching service to buy and sell side firms, outsourcers, trade repositories and CCPs.
The company, which recently added Barclays and UBS on Harmony CCP Connect for Equities, said that the platform achieved growth of 185 percent between May 2015 and May 2016, following strong growth of 144 percent compared with the same period the previous year.
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Growth is reported to have been particularly strong in the Asia-Pacific region, with volumes making up 26 percent of the total, compared with just 2 percent two years ago as global brokers and local brokers in Australia, Hong Kong and Japan join the Harmony network.
This reflects the strong adoption of electronic trading in this market, increased access by global buy-side firms, growing volumes in the give-up market and an increased focus on straight-through-processing services by global synthetic equity prime brokers.
Laura Craft, Director of Product Strategy for Equity & Fixed Income at Traiana, commented: “The strong growth in allocation volumes via the Harmony Equity Swap service highlights the value that Harmony and automation more generally can bring to this market, which has traditionally been manually intensive. We also see this growth as a validation of Traiana’s cross asset expansion strategy as we continue to move into new asset classes.”