Deutsche Bank, AIG Trading and JPMorganChase are collaborating with Traiana in an initiative to automate prime brokered FX trades.
The partners say the collaboration will improve upon and replace manual processes used by executing brokers to "give up" trades to prime brokers.
Under the initiative, Deutsche Bank, AIG Trading, and JPMorganChase will use the Traiana Harmony service to integrate their foreign exchange prime brokerage systems, eliminating the need to re-key give up trades into a dealing system.
Executing brokers will be able to give up their trades via electronic messaging including XML, IBM MQSeries, or Swift over the Internet and secure private networks. A simple web give-up and monitoring interface is also provided for smaller or lower volume brokers.
Gil Mandelzis, CEO, Traiana, says: "Our Trading Relationship Management solution has already integrated over 40 of the largest buy-side firms into their prime broker. Seamless integration to the executing brokers was the final piece of the puzzle."
Executing brokers who give up trades to the three firms can register at the Traiana Website to receive more information and begin the integration process. The three firms expect to be fully integrated in the second half of this year.