Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces it will provide connectivity to four trade repositories (CME, DTCC, Regis-TR, UnaVista) at the time of the EMIR deadline through its Harmony TR Connect trade reporting service.
Support for additional trade repositories will be added after the European Securities and Markets Authority (ESMA) go-live date.
The European Union's European Market Infrastructure Regulation (EMIR) will require institutions to report their derivatives trades, both over the counter (OTC) and exchange traded derivatives (ETD), to appropriate trade repositories from 12 February 2014. Harmony TR Connect streamlines this process, providing a single point of connection for post-trade reporting of OTC and ETD trades. The service will initially support FX, ETD and equity derivatives, with additional products being added over time.
Andy Coyne, CEO, Traiana commented: "Traiana helps financial market participants to meet global regulatory requirements and in Europe we will be able to deliver standardised and consistent trade reporting for our clients operating in the global derivatives market, no matter which trade repository they use."
The launch of Harmony TR Connect in Europe follows the successful implementation of the service to address the US (Dodd Frank / CFTC), Australia (ASIC), Hong Kong (HKMA) regulatory requirements.
The service supports a number of trade reporting solutions which both buy and sell side participants can leverage in order to report their individual trades to the trade repository of their choice. This includes comprehensive Unique Transaction Identifier (UTI) management capabilities allowing banks to share UTIs with their counterparts, irrespective of trading paradigm, so the correct identifier can be provided with initial trade repository submissions.
Daniel Corrigan, Executive Director & CEO European Trade Repository, CME Group said: "The messaging service provided by Traiana enables clients to submit multi-asset class 'over-the-counter' and exchange-traded derivatives data to our CME European Trade Repository in a simple and efficient manner. The efficacy of Traiana's messaging and Unique Transaction Identifier ('UTI') generation is key to this offering."
Stewart Macbeth, CEO, DTCC Derivatives Repository Limited, said: "We recognise that compliance with EMIR reporting requirements is a significant undertaking for buy-side and sell-side firms alike. We continue to promote an open model and support our clients by offering them flexibility and choice, either directly or through third parties."
Nicolas Boatwright, Managing Director of REGIS-TR, commented: "We are delighted that Traiana will provide access to REGIS-TR for its clients through its Harmony TR Connect Reporting service. With a vast network of clients from across the EU and the full spectrum of reporting entities, REGIS-TR is well placed to service any type of counterparty. Like Traiana, our approach emphasises simplicity, accessibility and predictability. We also believe having flexible participant profiles that allow any entity to participate directly and/or delegate to a third party is a significant customer benefit."
Mark Husler, CEO of UnaVista, added: "We are delighted to be working with Traiana to help customers meet their EMIR obligations. We are committed to providing the industry with a wide variety of options on how to connect to our trade repository in order to comply with EMIR, both by coming direct, via our Rules Engine or one of our technology partners."
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.