Traiana Extends Harmony CreditLink to FX Options
23 February 2012
Digital Vega first trading platform on the service with support of FX Prime Brokers Citigroup and Morgan Stanley
New York/London, February 23, 2012 – Traiana, the leading provider of post-trade solutions, announced today the launch of an enhanced Harmony CreditLink, including pre-trade and post-trade credit and risk management services for FX derivatives trading. Digital Vega is the first to integrate the service into their multi-dealer FX options trading platform, Medusa, extending the capability to their connected FX Prime Brokers, buy-side firms and liquidity providers. Leading FX Prime Brokers Citigroup and Morgan Stanley will be the first to use the service to manage credit with their clients and counterparties.
Delivered via Traiana Harmony as a central service, Harmony CreditLink provides trading platforms, clearers/prime brokers, executing banks and buy-side firms the ability to monitor and manage credit in real-time across multiple trading venues in a consolidated view. With more robust risk controls, firms trading on Digital Vega’s multi-dealer platform, Medusa, are also expected to benefit from broader market participation and greater liquidity.
Combined with the ECN Limit Management and KillSwitch initiative launched in June 2011, Harmony CreditLink continues to have the most comprehensive set of tools to manage the risks in trading of over-the-counter FX and FX derivatives, across ECNs as well as bank platforms.
Mark Suter, CEO Digital Vega said: "Integrating the Medusa trading platform to Traiana's CreditLink solution brings a range of significant advantages to all our clients and partners in terms of managing counterparty risk and exposure. The provision of real-time, pre-trade limit checking allows us to deliver an integrated, industry standard solution covering spot, forward and FX option trading. Additionally, this partnership provides us with an ideal solution with which to address the significant pending changes to the FX regulatory environment."
Gil Mandelzis, CEO Traiana, said: "The continued growth of electronic trading in FX demands a new approach to manage credit and risk. Digital Vega is an exceptionally innovative firm and the first platform to offer such a comprehensive approach to electronic options trading. We’re excited to work with them on this important initiative."
Traiana Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and e-trading platforms with solutions to automate post trade processing of financial transactions. Traiana's post-trade solutions and the Harmony Network are used by over 500 of the world's leading financial market participants and have become the market standard for post-trade processing of foreign exchange, exchange traded derivative, synthetic and cash equity transactions. Traiana, an ICAP company, is headquartered in New York City with offices in Chicago, Hong Kong, London, Tel Aviv and Tokyo.
Candice Adam, Argentus PR
Tel +44 (0)20 7397 2915
About Digital Vega
Medusa is the multi-dealer FX Option trading platform from Digital Vega (www.digitalvega.com) which allows market participants to trade a range of FX Option structures on prices from up to five relationship-based liquidity providers. The platform delivers a combination of sophisticated pricing and execution tools, analytics and STP solutions to both buy and sell-side participants, enabling them to identify best execution as well as detailed client and provider activity and service levels. Through its integration to the Traiana Harmony network it has the capabilities to deliver real-time trade notifications and comprehensive position and exposure management tools.
For more information visit www.digitalvega.com
Tel +44 (0)7951 057146