Traiana, the leading provider of post-trade solutions, announced that the Traiana Harmony CFD equity swap network has added 26 executing brokers for give up processing and 11 prime brokers for enhanced client servicing for buy-side clients in the past year. These prime brokers, including Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley, and UBS are proactively rolling out the solution to their clients. The total number of CFD equity swap participants on the network now includes more than 85 executing brokers, 14 prime brokers and a rapidly growing number of buy-side firms, cementing Harmony’s position as the post-trade standard for the CFD equity swap market.
Traiana Harmony processes more than US$700 billion daily in global FX, exchange traded derivatives, and CFD equity swaps; with over two million messages per day flowing through the network. Banks and buy-side firms using Harmony for CFD equity swaps increase end-to-end visibility and control with automated, real-time post-trade processing for trade give-ups, allocations, swap confirmation processes, and clearing.
Rob Maloney, Head of International Flow Financing, Credit Suisse said, “The post-trade operations for the CFD equity swap market have traditionally been very manually intensive and bespoke. Through the use of Traiana Harmony, we are able to automate matching, allocation, and confirmation processes for our clients, giving them a centralised and global view of their post-trade activity across execution and clearing.”
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David Rhydderch, COO Listed Derivatives & Markets Clearing (EUR), Deutsche Bank said, “Traiana’s Harmony cross asset service enables Deutsche Bank to enhance our client servicing and lower operational risk. By allowing Deutsche Bank and our clients to quickly identify and address exceptions on trade date, our clients can focus their efforts on executing their trading strategies rather than managing operational issues.”
Teresa Heitsenrether, Head of European Prime Brokerage, JPMorgan said, “As our business continues to grow, it was important that we partnered with a firm with the experience and capabilities to provide a world class client servicing solution. With Traiana’s extensive network of prime brokers, executing brokers, and buy-side firms, Traiana Harmony was a natural choice.”
Paul Marchington, EMEA Distribution (Global Synthetic Equities), UBS said, “Traiana enhances UBS’s ability to deliver exceptional swap service to clients. As a participant in Traiana’s Harmony swap trade messaging solution, we are better enabled to meet our client’s expectations for same day equity swaps booking and matching.”
Roy Saadon, Co-Founder and General Manager, EMEA, Traiana, said, “With the support of the prime brokers and executing brokers on Harmony, we’ve built the largest global network for equity swaps. Working together, we’ve reduced the cost, complexity and operational risk across the entire CFD industry while simultaneously improving service levels for the clients.”