Traiana’s Harmony network, the firm’s global product for equities swaps/CFD markets, is now live in the Asia Pacific region.
The demand for the equity swap network in Asia is a reflection of the change in behaviour in this market, the growing volumes in the give-up market, increased access by global buy-side firms as well as focus on straight-through-processing servicing by global synthetic equity prime brokers.
Buy-side firms are using the product to access markets such as China and India for the first time, building on their existing activity in Japan, Hong Kong, Singapore and Australia. Prime brokers leading the initiative and covering execution in the regional markets include Credit Suisse and UBS.
The Harmony network’s expansion into Asia includes product enhancements designed to address localised requirements driven by both market practice and new regulations. These new functionalities include mandated unique indications around short selling and price breakdowns. The Harmony network also allows for segregation of regional trade data between the global centres that vary in definition between the synthetic prime broker firms.
The Harmony network now comprises over 80 executing brokers and 15 prime brokers globally, for give up processing, allocations and T-0 matching with buy side firms, facilitating tighter risk controls and improved client servicing. Banks and buy-side firms use Harmony to increase end-to-end visibility and control with automated, real-time post-trade processing from point of execution through to the final confirmation requiring manual intervention solely for exception processing.
Rob Maloney, managing director, head of international flow financing, Credit Suisse, says: “As a Bank, we have significantly improved the post-trade efficiency of what was traditionally a very manually intensive and bespoke market. Expanding this service to Asia allows us to replicate the high standard of client servicing for our Asian clients.”
Roy Saadon, co-founder at Traiana, says: “The synthetic equity expansion is a natural next step for Traiana, as we continue to provide a unique service with a full cross asset capabilities covering global FX, exchange traded derivatives, cash and synthetic equity, fixed income and OTC derivatives. Our strong partnership with the prime brokers help us prioritise the asset expansion roadmap and this is an indication of the success of this relationship.”