In ICAP’s Half Year results statement that was issued last November, the interdealer stated that it’s post trade monitoring unit Traiana was continuing to develop its non-FX business. Expanding its reach, Traiana has recently been growing its CFD swap services within its Harmony network, along the existing FX post trade offering. In the same direction. Traiana has announced that its Swap Data Repository Service for OTC derivatives has gone live with multiple banks. The product provides users the ability to comply with trade reporting requirements of new Dodd-Frank and European Market Infrastructure Regulation rules. With Dodd-Frank rules requiring financial firms to have additional polices in place to monitor counterparty credit, products and consulting services to help firms comply with the regulations have been one of the fastest growing sectors within the overall capital markets industry.
Traiana Swap Data Repository Service Takes Multiple Banks Live to comply
with Dodd-Frank Trade Reporting
Swap Trade Reporting Solution with DTCC Offers Single Point of Access for Executing Brokers, Prime Brokers/Clearing Members and ECNs/SEFs
New York and London, 15 April 2013 – Traiana, the leading provider of post-trade solutions, announces today the successful implementation of its Swap Data Repository Service (Harmony TR Connect) for over-the-counter (OTC) derivatives. Harmony TR Connect provides all market participants with the ability to comply with the trade reporting requirements under the US Dodd-Frank framework and EU’s European Market Infrastructure Regulation (EMIR), offering a single point of connection for post-trade reporting of foreign exchange, interest-rate and credit default swap trades.
Traiana has developed Harmony TR Connect to create an industry-standard solution for derivatives trade reporting that will extend the ability to report to the DTCC Global Trade Repositories and other trade repositories to a broader audience under US & EMIR regulations. Electronic platforms and interdealer brokers that will potentially register as SEFs/MTFs/OTFs are working with Traiana to help them fulfill their particular reporting requirements to comply with US and European regulations.
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“Traiana continues to work with market participants to understand and deliver the solutions required to meet the global regulations. We are excited to be working with DTCC to deliver standardized and consistent Trade Reporting on behalf of a broad range of financial institutions operating in global OTC derivatives markets,” said Andrew Coyne, CEO of Traiana.
As well as providing a seamless connection to the DTCC Data Repository (U.S.) LLC, the U.S multi-asset class swaps data repository (SDR) – and, via DTCC, to regional trade repositories as required – Harmony TR Connect provides a messaging hub for connectivity between market participants and trade repositories, supporting the workflow, routing, and state management associated with reporting activities. This includes key functions such as initial trade reporting, Unique Swap Identifier generation, Legal Entity Identifier/Unique Product Identifier enrichment, lifecycle and state management, trade amendments, cancellations and snapshot reporting.
The European Union’s EMIR directive will similarly require institutions to report their OTC derivatives trades to appropriate trade repositories starting as early as September 23, 2013, dependent on registration and regulatory approval. TR Connect has been designed to streamline the process for both Dodd-Frank and EMIR compliance, providing a single point of connection for post-trade reporting of OTC derivatives trades.
Kieran Salter, Global Head of Foreign Exchange at Commonwealth Bank, said, “Working with Traiana’s knowledgeable team to implement Harmony TR Connect helped us navigate the impact of Dodd Frank regulations on an Australian bank.”
As part of Traiana’s regulatory solutions, Harmony TR Connect interoperates with the Harmony CCP Connect solution 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. With a single connection to Harmony CCP Connect, firms also have a gateway to other leading FX infrastructure operators; ensuring clients can use their preferred trading, allocation and confirmation venues with complete interoperability.
Traiana Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and e-trading platforms with solutions to automate post trade processing of financial transactions. Traiana’s post-trade solutions and the Harmony Network are used by over 500 of the world’s leading financial market participants and have become the market standard for post-trade processing of foreign exchange, exchange traded derivative, synthetic and cash equity transactions. Traiana provides global services and support across the Americas, Europe and Asia to help our customers to achieve their regulatory requirements and other post-trade obligations. Traiana, an ICAP company, is headquartered in New York City with offices in Chicago, Hong Kong, London, Tel Aviv and Tokyo.