Traiana to expand direct connectivity for foreign exchange NDF clearing
Traiana, a provider of post-trade solutions, is to launch direct connectivity between Traiana’s Harmony CCP Connect and LCH.Clearnet’s foreign exchange clearing service, ForexClear, for non-deliverable forwards (NDFs) clearing.
Traiana’s Harmony CCP Connect provides a 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. 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. Furthermore, Harmony CCP Connect works in conjunction with Harmony CreditLink, Traiana’s central risk management infrastructure for swaps clearing.
Andrew Coyne, chief executive, Traiana, says: “LCH.Clearnet is a key partner for Traiana and our customers. This complete end-to-end-connectivity solution will reduce the implementation times for participants to connect to ForexClear.”
Gavin Wells, chief executive of LCH.Clearnet’s ForexClear, says: “One of our main objectives is to enable our members and their clients to achieve regulatory compliance. By working with Traiana, as the leading foreign exchange clearing service, we are facilitating access to our world class risk management expertise while reducing some of the complexities associated with trade processing.”
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