The first interdealer non deliverable forward (NDF) trade has been delivered to LCH.Clearnet’s ForexClear service through the recently established link with Traiana’s Harmony CCP Connect.
The trade was a USD/KRW NDF with HSBC as one of the trading parties.
Andrew Coyne, chief executive, Traiana, says: “We are pleased to announce that trades are being successfully matched on CCP Connect and delivered to LCH.Clearnet for clearing. Traiana built direct connectivity to LCH.Clearnet’s ForexClear at the specific request of our client base, so we're very excited at how quickly the service has been adopted.”
Jacqueline Liau, global head of product and service for FX prime, HSBC, says: "We are very pleased to have participated in the execution of the first interbank trade to be cleared through the new link with LCH.Clearnet and Traiana. This direct connectivity gives HSBC, and the industry, an efficient and flexible way to quickly adapt to changing regulations.”
Gavin Wells, chief executive of LCH.Clearnet’s ForexClear, says: “The swift take up of our link with Traiana is testament to the strong demand from the market for solutions to regulatory requirements.”
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.