First trade delivered through Traiana’s Harmony CCP Connect link to LCH.Clearnet
New York/London, 29 July 2013 – Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces today that the first interdealer non deliverable forward (NDF) trade has been delivered to LCH.Clearnet Ltd’s (LCH.Clearnet) 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, CEO, Traiana, said, “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 & Service for FX Prime, HSBC, said: “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, CEO of LCH.Clearnet’s ForexClear said: “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 comprehensive 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.
About Traiana Inc.
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.
Candice Adam, Argentus PR
Tel + 44 (0)20 7397 2915