trueEX, the industry’s fastest-growing swap execution facility, has separated its processing services from its award-winning derivatives trade execution platform.
The decision to establish a discrete legal entity for its rapidly growing post-trade business responds to the demand for more efficient, cost-effective, and independent post-trade solutions.
The new entity enables truePTS to offer allocations, instant status notification and other processing capabilities to all market participants, not just clients of the trueEX swap execution facility (SEF).
truePTS will now offer its innovative post-trade services to dealers, buy-side firms, clearing firms, inter-dealer brokers, and clearing houses. The newly-created independence enables it to build on trueEX’s rapidly-growing post-trade business, which has already processed over $7 trillion notional since 2013.
“There is a fundamental need to simplify and rationalize the operational mess that is swaps processing,” said Sunil Hirani, CEO of trueEX. “Most of the infrastructure that is in use today was designed and built prior to Dodd-Frank, before the need for pre-trade credit approvals and the existence of directly connected solutions such as truePTS."
The truePTS service is execution venue and product-agnostic, and delivers many valuable operational and processing benefits, including:
• Efficient processing and allocation of very high volumes of trades with a ‘no touch’ process that eliminates the need for trade affirmation while providing an instant clearing status;
• A complete service for the dealer-to-client (D2C) or inter-dealer markets, available via GUI or API for all voice or electronic trades, irrespective of order type;
• Ability to retrieve and port positions between the major clearing houses and FCMs
Among its planned enhancements, truePTS will also offer end-of-day average pricing in the first half of 2016.
From today, truePTS will provide full straight-through processing with allocations support in 18 currencies and direct access to both LCH and CME.