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Traiana announces CCP connectivity, supporting OTC FX

17 March 2011  •  Source: Eleanor Hill, Editor, FX-MM

Traiana has announced that it is providing real-time straight-through-processing (STP) connectivity through the Harmony network to parties wishing to link to central counterparties (CCPs). This solution will allow for connectivity and matching between executing banks, prime brokers, execution platforms and CCPs for OTC foreign exchange trades. CME Clearing is the first CCP to connect to the Harmony network.

Traiana Harmony already supports over 500 financial institutions, providing connectivity between prime brokers, executing brokers, buy-side firms and execution platforms for FX trades. The firm’s move to provide connectivity between CCPs and FX market participants is an extension of Traiana’s existing post-trade workflow solutions for the FX marketplace.

Gil Mandelzis, CEO, Traiana, said, “Traiana already has the expertise, knowledge and live applications to automate NDFs and FX options post-trade, and is the leader in providing such services to the industry today. We are working closely with our clients and partners to expand these services to cover CCP related flows while maintaining the integrity of the connection and a consolidated view. We are pleased to be working with CME Clearing as our first CCP partner to connect.”

Roger Rutherford, CME Group’s Managing Director of FX products, said, “CME Group has made significant steps towards developing a clearing solution for the OTC FX market, both interbank and client, and has been working closely with many participants from all areas of the FX industry. We are delighted to be the first central counterparty that is linked to Harmony, knowing that with the connection, we are making our service available to many participants in the market. We look forward to working together to process live trades in the coming months.”