Confisio & Traiana Collaborate for EMIR Reporting Solution
London, 30 January 2014 — Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces that it has entered into a strategic alliance with Confisio Managed Services Ltd, a premier supplier of customized turnkey solutions to the financial services industry. Traiana and Confisio will together provide a middleware trade reporting solution to Confisio clients in Cyprus ahead of the impending 12 February European Market Infrastructure Regulation (EMIR) deadline.
Confisio and Traiana’s TRConnect service is a middleware trade reporting solution to achieve accuracy and certainty of compliance for buy and sell side firms. A delegated reporting infrastructure enables participants to keep trade repositories up to date across the trade lifecycle. The solution is designed to automate the challenges around UTI sharing and LEI generation/tagging and delegated reporting for EMIR compliance.
It offers unrivalled participant connectivity with data mapping/enrichment and trade repository connectivity. The result is a comprehensive matching/reconciliation service for vendor-delegated and single-sided trade reporting.
“I am excited about this partnership with Traiana,” said Christodoulos Papadopoulos, Confisio CEO.
“It is confirmation that we will always conduct our business in a way that not only meets but exceeds the expectations of both our customers and business partners. Traiana allows us to fully deliver the requirements set by ESMA for EMIR Reporting by giving us strong back-end capabilities and business foundation. We look forward to further expanding our pre and post trade collaboration in the future.”
Roy Saadon, co-founder of Traiana commented: “Traiana’s partnership with Confisio in Cyprus reflects our overall strategy to reach a broader range of clients across Europe to help them fulfill their new regulatory obligations. Confisio delivers a competitive and efficient solution for market participants that permits proper and timely EMIR reporting and we are very pleased to be working with them.”
The Traiana – Confisio Solution is a complete IT solution offering multi-asset-class support, technological advantages and automated procedures and expert IT providers in financial services.
Notes to editors:
When inefficiencies such as a lack of counterparty risk management and transparency within the over-the-counter (OTC) derivatives market were exposed during the financial crisis in 2008, the G20 countries met the following year and passed a resolution stating that all OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties. OTC derivative contracts should be reported to trade repositories and non-centrally cleared contracts should be subject to higher capital requirements.
EMIR has been designed to reduce the counterparty risk of OTC derivative markets and to increase transparency within the markets. The clearing obligation applies to financial counterparties (banks, insurers, asset managers, brokers, etc.) and to non-financial counterparties.
Traiana, Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and trading platforms with services to monitor pre- trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets. Traiana’s solutions and the Harmony Network have become the market standard for post-trade processing of foreign exchange, exchange traded derivatives, fixed income, CDS and 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.
Confisio Managed Services Ltd is a premier supplier of customized turn-key solutions to the Financial Services Industry. It combines FX and IT expertise to contribute along the entire value chain of the FX Brokerage business. It offers complete solutions through a comprehensive set of developed products and services. It has established collaborations with leading broker technology vendors that enable the company to provide a complete range of products and services and to deliver results very quickly.
Charlotte Walsh, Argentus PR
+44 (0) 20 7397 2913