ICAP’s company Traiana, has announced an enhanced platform catering to the needs of prime brokers, executing brokers and buy-side firms named CreditLink, making public the addition of solutions for streamlining post-trade processing of trades on swap execution facilities (SEFs) and managing the allocating process for orders which are regrouped together. The upgraded version also adds the option to monitor limits throughout the complete trade cycle.
According to CFTC regulations all clearing members must define certain limits and conduct pre-trade credit checks on their clients’ orders before they are sent for execution on a SEFs. Traiana’s CreditLink platform is servicing as a credit checking hub for credit default swap (CDS) and interest rate swap trading. The solution is fully connected to the major SEFs, clearing houses and 16 Futures Commission Merchants (FCMs).
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The updated release of CreditLink, which according to the announcement is currently in production, will extend Traiana’s capabilities for pre-trade credit checking with a set of new features:
– Real-time notifications of SEF orders and executions
– What-if checking for new trades and allocations to ensure planned trading activities are within clearing limits
– Bunched-order allocations with integration to leading clearinghouses across Interest Rate Swaps and Credit Default Swaps
– Automated notifications, alerts and reports to help firms manage their margin requirements and limits with their futures commissions merchants (FCMs)
Traiana’s Head of Product Strategy and Chief Marketing Officer, Nick Solinger, commented in the company’s announcement on the matter: “Buy-side market participants trading on SEFs have pre and post-trade requirements that impact not only their trading teams, but also their compliance and risk management processes. Extending our services to the buy-side provides greater visibility and flexibility, which supports the ongoing development of a smoothly functioning market in a new regulatory environment.”