trueEX Splinters Post-Trade Execution Platform into Sovereign Entity

trueEX’s decision to disaggregate its post-trade execution business into a sovereign legal entity will aim to foster greater efficiency.

trueEX, a growing swap execution facility, has splintered its processing services away from its derivatives trade execution platform to help lend greater efficiency to its operations, according to a trueEX statement.

trueEX’s decision to disaggregate its post-trade execution business into a sovereign legal entity comes amidst a period of rapid expansion for the group as well as a bid to maintain more cost efficient independent post-trade solutions.

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Furthermore, the newly forged entity will enable truePTS to offer allocations, instant status notification, as well as other processing capabilities to a full range of market participants, far beyond clients opting for the traditional trueEX swap execution facility (SEF). Consequently, truePTS will now extend its post-trade services to an assortment of dealers, buy-side firms, clearing firms, inter-dealer brokers and clearinghouses.

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The truePTS service is an execution venue, which will also be providing full straight-through processing (STP) across eighteen currencies via direct access to both LCH.Clearnet and CME Group, effective immediately. Finally, truePTS is also slated to offer an end-of-day average pricing in H1 2016.

According to Sunil Hirani, CEO of trueEX, in a recent statement on the divergence, “There is a fundamental need to simplify and rationalize the operational mess that is swaps processing. Most of the infrastructure that is in use today was designed and built prior to Dodd-Frank, before the need for pre-trade credit approvals and the existence of directly connected solutions such as truePTS.”

Earlier this year, trueEX appointed Saro Jahani as its Chief Information Officer (CIO), amidst a period of rampant growth at the company. In his new role as CIO, Mr. Jahani has since navigated the entire IT operations at the group, which has included development and QA components. Prior to joining TrueEX, Mr. Jahani worked at Direct Edge as CIO, where he headed technological innovation.

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