Traiana, the ICAP owned provider of pre and post-trade risk and order processing solutions has announced that they have partnered with Duco. Under terms of the deal, Traiana will be using Duco’s hosted matching and reconciliation technology infrastructure as part of a new service the company is launching to reconcile client reference data.
According to Traiana, the reference data initiative is currently being introduced to support reporting needs ahead of mandatory requirements of electronic trading of swaps to take place on swap execution facilities (SEF). The new service is expected to provide reference data from disparate sources provided by CCPs, SEFs, futures commission merchants (FCMs), buy-side firms and swap data repositories, and will be roled out to customers of the company’s Harmony CreditLink and CCP Connect products. According to Traiana, the firm currently is working with its customers to manage reference data for over 10,000 clearing accounts from 400 clearing clients and 15 FCMs.
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Commenting on the news in a joint statement from Traina and Duco, Christian Nentwich, co-founder and CEO Duco said, “We are pleased to be working with Traiana on this critical piece of market infrastructure. It is a clear demonstration of how Duco’s next-generation reconciliation technology can address pressing regulatory needs in sharply reduced time spans, regardless of asset class or application area. This partnership ensures a smooth onboarding process for operations teams and removes technical barriers to adoption, values that are close to the heart of both companies.”
Nick Solinger, Head of Product Strategy and Chief Marketing Officer, Traiana, added, “There will be a huge surge of clients moving into electronic trading, many for the first time, and the volume of data that the industry is dealing with during this shift to a new market structure is unprecedented. We are proactively investing resources to ensure that all clients are ready to trade when mandatory SEF trading goes live. Duco offers a powerful solution to reconcile this data.”