Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces today that it has launched a new service to reconcile client reference data ahead of the introduction of mandatory electronic trading of swaps on swap execution facilities (SEFs).
The new service, using technology provided by Duco, reconciles reference data from disparate sources provided by CCPs, SEFs, futures commission merchants (FCMs), buy-side firms and swap data repositories.
The service will allow Traiana to help its customers to reconcile significant volumes of data and ensures that clients are not prevented from trading by clerical errors or mismatches in static data regarding accounts, limits or SEF trading identifiers before the regulations come into force in mid February. The service is currently being rolled out to all Harmony CreditLink and CCP Connect customers for rates and CDS.
"There will be a huge surge of clients moving into electronic trading, many for the first time, and the volume of data that the industry is dealing with during this shift to a new market structure is unprecedented," said Nick Solinger, Head of Product Strategy and Chief Marketing Officer, Traiana. "We are proactively investing resources to ensure that all clients are ready to trade when mandatory SEF trading goes live. Duco offers a powerful solution to reconcile this data."
"We are pleased to be working with Traiana on this critical piece of market infrastructure. It is a clear demonstration of how Duco's next-generation reconciliation technology can address pressing regulatory needs in sharply reduced time spans, regardless of asset class or application area," said Christian Nentwich, co-founder and CEO Duco. "This partnership ensures a smooth onboarding process for operations teams and removes technical barriers to adoption, values that are close to the heart of both companies."
Traiana is currently working with its customers to manage reference data for over 10,000 clearing accounts from 400 clearing clients and 15 FCMs.