Traiana said that as per the US Dodd Frank Act and the European Union’s European Markets Infrastructure Regulation, the Harmony CCP Connect service offers trade routing, affirmation, matching, allocation and reporting for centrally cleared foreign-exchange options and non-deliverable forwards.
The service simplifies the clearing process by providing a direct line between institutions and clearing houses.
Citigroup FX prime and e-commerce product head Andrew Coyne said that Traiana has the connections in place to the clearing houses, clients and counterparties and ties into our existing FX systems and processes.
Clearing houses LCH.Clearnet, IntercontinentalExchange, CME and Singapore Exchange have also said that they will use Harmony CCP Connect.
Traiana provides port-trade services like credit checks and financial messaging, and helps to connect banks with trading exchanges.
Other providers such as Tullett Prebon and GFI Group are expected to launch similar services to Traiana in the coming months, as reported by The Wall Street Journal.
