Three Leading FX Clearing Firms choose Harmony CCP Connect for OTC FX Clearing Connectivity
27 September 2012
BNP Paribas, HSBC and Royal Bank of Scotland
join initiative to streamline central clearing of FX Derivatives
New York/London, September 27, 2012 – Traiana, the leading provider of post-trade solutions, announced today the addition of three further clearing firms to Traiana’s comprehensive initiative to automate processing of OTC foreign exchange (FX) derivatives with clearinghouses. BNP Paribas, HSBC and Royal Bank of Scotland will all use Traiana’s Harmony CCP Connect to manage the clearing process with their clients, counterparties and clearinghouses (CCPs). In addition, all firms will participate in Traiana’s CCP Connect Working Group to promote industry wide interoperability and compliance with new regulations mandated by the Dodd-Frank act and upcoming clearing regulations in Europe and Asia.
BofA Merrill Lynch, Citi, Deutsche Bank, JPMorgan, Morgan Stanley and UBS joined Harmony CCP Connect in March 2012. Trading platforms EBS and Thomson Reuters connected to the solution in early September.
Harmony CCP Connect provides a comprehensive workflow solution for client clearing via the Harmony network, including CCP connectivity, trade routing, affirmation, matching, allocation, and reporting for centrally cleared OTC FX options and non-deliverable forwards (NDFs). With a single connection to Harmony CCP Connect, firms also have a gateway to other leading FX infrastructure operators; ensuring clients 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 FX clearing firms and their clients to all CCPs, while at the same time, lowering costs and complexity for all market participants.
Steve Ramsden, Global Head FX Prime Brokerage and CCP Clearing, Royal Bank of Scotland said, "By partnering with Traiana, our clients will have a connection to immediately reach the key clearinghouses, trading venues, post-trade platforms and market participants. We believe this will reduce the risk and complexity associated with implementing OTC clearing in the timelines required by regulations."
Andrew Coyne, CEO, Traiana said, “As the FX industry continues to work together to implement U.S. and European regulatory reform, we are excited to add such leaders to our OTC Clearing initiative. Traiana is committed to working with our customers and their clients to ensure all market participants have the ability to adapt to the ever-evolving regulations globally.”
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