Traiana, leading provider of post-trade solutions, announces today that EBS and Thomson Reuters have selected Traiana Harmony for connectivity to over-the counter (OTC) client clearing firms and central counterparties (CCPs).
By using Harmony CCP Connect, clients trading on their platforms will have a ready connection to submit their trades to clearing houses and clearing brokers without additional cost or infrastructure investments, automating the clearing of OTC FX Derivatives and delivering compliance with OTC clearing regulations.
Harmony CCP Connect provides a comprehensive solution for OTC FX clearing, including connectivity, workflow automation, trade matching and affirmation. With a single connection to Harmony, it provides access to all CCPs, thus lowering costs and complexity for market participants. Harmony CCP Connect also provides a gateway to the leading FX trading and post-trade venues, ensuring buy-side firms can use their preferred trading, allocation and confirmation venues with complete interoperability. For firms trading on Thomson Reuters or EBS, this will allow them to trade, allocate and confirm using their existing processes, but adds integration to the clearing processes of the CCPs and client clearing firms. The solution supports all proposed US and European clearing rules and workflows, simplifying compliance for FX trading venues, clearing firms and their clients.
Jas Singh, Global Head of Treasury, Thomson Reuters, said: "As the regulatory drive to impose clearing on the OTC derivative market continues, the market at large is already planning for new methods of workflow, including clearing. By connecting to Harmony CCP Connect our clients will have seamless access to the FX clearing organizations, the ability to better manage their bi-lateral exposures and their counterparty risk."
Gil Mandelzis, CEO, EBS, said: "The introduction of FX Clearing requires new processes and technology for market participants, and it continues to evolve as rules are finalized in the US, Europe and Asia. By connecting the EBS platform to Harmony CCP Connect, we gain a comprehensive solution for our customers, even as regulations differ and evolve around und the globe."
Andrew Coyne, CEO, Traiana, said: "We've worked very closely with the leading FX trading venues for years to automate post-trade and manage risk in FX trading. By joining forces with EBS and Thomson Reuters, we provide an end-to-end solution for FX clearing which will reduce costs and complexity for the FX industry."