Post-trade processing provider Traiana has signed a business alliance agreement with FENICS Software Ltd in order to integrate FENICS Professional with two elements of the Harmony Network in order to manage the reporting of OTC forex derivatives into swaps data repositories and clearing houses.
The first component is Harmony TR Connect, which provides a messaging hub for connectivity between market participants and trade repositories, supporting the workflow, routing, matching and state management associated with reporting activities. This includes key functions such as initial trade reporting, USI storage, LEI/UPI storage, lifecycle and state management, trade amendments, cancellations and snapshot reporting.
The second is Harmony CCP Connect, which provides a comprehensive workflow solution for client clearing via the Harmony network, including CCP connectivity, trade routing, affirmation, matching, allocation, and reporting for centrally cleared OTC FX options and non-deliverable forwards (NDFs).
With the new solution, customers using FENICS will gain the ability to real-time report into and reconcile with trade repositories via the Harmony Network, including the DTCC Swaps Data Repository (SDR), Global Trade Repository (GTR) and other trade repositories required globally by regulators.
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In addition, with the same connectivity to Harmony, FENICS customers will also be able to manage the affirmation, allocation and clearing process with their clients, counterparties and clearinghouses (CCPs) under US and European swaps regulations.
Under the agreement, Fenics customers will be able to submit reportable FX trades (including options, deliverable forwards, non-deliverable forwards and swaps) to Trade Repositories via the TR Connect service as well as receiving relevant trade enrichment information that is reported back to them.
Richard Brunt, Managing Director of FENICS, said “We are delighted to have signed this partnership with Traiana. There are great synergies between the two services.”
“Traiana delivers connectivity to trade repositories to the FENICS client base who already use the FENICS Professional Desktop for their FX derivatives workflow”. Brunt Continued “Our initial rollout campaign will be in the US, but we have already had strong interest in this initiative from clients in other regions, which is hugely encouraging.”
Andy Coyne, CEO of Traiana added, “We are pleased to partner with FENICS to help their customers comply with the rapidly changing and complex regulatory environment in the US and globally. FENICS is a proven leader in their space and by integrating Traiana’s Trade Repository connectivity into the FENICS platform, our customers and the FX industry will achieve compliance with new reporting regulations at lower costs.”