Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces that its Harmony CCP Connect is the first middleware solution to match and affirm FX derivative client trades with LCH.Clearnet Ltd's (LCH.Clearnet) ForexClear service, following the establishment of direct connectivity with the clearing house in July this year.
Traiana's Harmony CCP Connect provides a comprehensive workflow solution via the Harmony network for both interdealer and client clearing, including CCP connectivity, trade routing, affirmation, matching, allocation, and reporting for OTC foreign exchange options and NDFs.
Andy Coyne, CEO, Traiana commented: "We are extremely pleased to have been the first to match and affirm trades through our link with LCH.Clearnet on the day that the ForexClear client clearing service went live. The success of clearing these first client trades underlines our commitment to help our clients meet their regulatory responsibilities."
Gavin Wells, CEO of LCH.Clearnet's ForexClear, commented: "Traiana's Harmony CCP Connect is an integral part of the clearing workflow. We are delighted with the efficient processing of the first trades through ForexClear's service for clients."
Market participants looking to clear foreign exchange trades under the new Dodd-Frank and EMIR regulations can leverage their existing foreign exchange prime broker connectivity together with Harmony CCP Connect's matching and affirmation capabilities to get direct access to CCPs.
With a single connection, Traiana's Harmony CCP Connect now provides direct access to all CCPs, reducing lead times and complexity for market participants. Harmony CCP Connect also provides a gateway to other leading foreign exchange infrastructure operators, ensuring participants can use their preferred trading, allocation and confirmation venues with complete interoperability. The solution supports all proposed US and European clearing rules and workflows, simplifying compliance for foreign exchange clearing firms and their clients.