The race to offer best in FX clearing is well on its way after regulations in the US have put pressure on centrally cleared and non cleared trades for the interbank trading market. Traiana, a veteran in the electronic clearing space for derivative transactions, is pleased to announce that several major FX clearing banks have opted to use its award-winning clearing solution.
Harmony CCP is a cross asset clearing solution that provides connectivity for counterparties to connect with trade repositories. The service allows connectivity, normalisation, allocations and reconciliation for all transactions.
The major banks include Deutsche, JP Morgan, Citi, Bank of America Merrill Lych, UBS and Morgan Stanley. The super six make up the bulk of trading according to Euromoney surveys.
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The Dodd Frank rulings have introduced new executing venues for instruments like swaps and forwards. Jason Vitale, Global Head FXPB & OTC Clearing, Deutsche Bank said, “Against the backdrop of global regulatory reform, the FXPB industry has been quick to evolve our market infrastructure to comply to new requirements. The demand for change is now transitioning to focus on how our clients maintain operations with the least impact to their current business models. With important partners such as Traiana Harmony, in the future our clients can continue to trade across FX Cash and Derivatives with minimal complexity.”
Furthermore members of the G20 are adamant that FX should be centrally cleared to avoid counterparty and systemic risk.
Traiana is part of the ICAP group. ICAP is home to EBS one of the leading dealer to dealer trade networks in FX.