Traiana has today announced a further addition to its Harmony network which has undergone considerable expansion in recent weeks.
This particular addition comes in the form of a Unique Trade Identifier (UTI) which utilizes the Harmony network which is aimed at creating a standardized method of specific trade reporting across all regions.
According to Traiana, the intention is accommodate the differential generated by every jurisdiction which introduces its own specific trade reporting requirements and UTI methodology, whereby the management and sharing of trade identifiers with counterparts is becoming more complex.
The Traiana UTI management service facilitates the exchange of UTIs between counterparts, thereby allowing both parties to a trade to report using a common trade identifier, to the same or different trade repositories.
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Traiana recently expanded its Harmony network’s capabilities by enabling FX trade affirmation and matching with LCH.Clearnet, and rolled it out across the Asia Pacific region, subsequent to which adding a non region-specific UTI solution follows this line of thinking.
As far as regulatory considerations are concerned, many changes to pre and post trade processing procedures have been made according to EMIR in Europe and the Dodd-Frank Act in North America, necessitating solutions such as this to be implemented. The FIX Trading Community earlier this year set forth a series of guidelines designed to standardize the means by which post-trade reporting and messaging takes place in order to assist the industry in gaining unity across the board.
Reporting using the same trade identifier is the responsibility of both sides of the trade and is a specific cornerstone of EMIR trade reporting; Traiana stipulates that its solution provides a flexible and scalable mechanism to fulfill this requirement.
Roy Saadon, Co Founder, Traiana made a corporate statement today regarding the launch: “In speaking to our client base it has become clear that the most pressing issue is to manage UTIs across all regulatory reporting jurisdictions so that both parties to a trade can meet their reporting obligations in the required timeline.”
Andy Coyne, CEO, Traiana further added: “As part of our suite of regulatory reporting solutions, we are pleased to be in a position to provide a comprehensive UTI sharing and management solution, using the Harmony network.”