Today Traiana, the market standard for post-trade processing of foreign exchange, announced that it has extended its Harmony FX options solution beyond prime brokerage to direct trading relationships.
The official launch will take place today at the 6th Annual Harmony Forum, Traiana's annual gathering of Harmony network members including over 200 FX market leaders.
The enhanced Harmony solution for options automates the operational lifecycle of options contracts from booking through settlement through a central processing hub - ensuring complete system-to-system communication while reducing operational risk and the costs associated with booking and settling FX options trades.
Advances in the processing of cash FX have raised client expectations for related products - including FX options. Nick Solinger, Chief Marketing Officer of Traiana says, "We have seen a significant growth in options as firms seek greater leverage and as electronic trading enters the marketplace. Traiana's solution for options enhances client service, increases operational efficiency and reduces operational risk."
Harmony's FX options solution provides complete STP between parties for voice and electronic trading. It supports both prime brokered and direct trade flow, and provides full allocation processing to affirm the block trade, pairing client splits with the block execution, and automating the booking of the allocation to the dealer. Post-trade, parties may reconcile their open positions on an on-going basis through Harmony. At settlement, Harmony operates an electronic exercise portal that allows parties to electronically notify their counterparty of their intent to exercise as well as to receive affirmation of the exercise event - creating a completely transparent, electronic audit trail of the events leading to settlement.