The confirmation service provides financial institutions with a matching service that enables the legal confirmation of trades and the submission of trade details to clearing houses, trade repositories and regulators in real-time.
According to the Reuters, the service will enable institutions to legally match confirmation details and route to multiple CCPs through a single connection, providing complete straight-through processing in preparation for future regulation surrounding the need for centralized clearing for OTC-traded instruments.
Singapore Exchange president Muthukrishnan Ramaswami said following the successful launch of central clearing for interest rate derivatives on 15 November, the exchange is pleased to be working with Thomson Reuters to expand its clearing service to Asian FX Forwards.
CME Group managing director of FX products Roger Rutherford said having Thomson Reuters Trade Confirmation connect to CME Clearing gives the customers access to an established post-trade community in the FX markets.
Initially focusing on Non-Deliverable Forwards (NDFs) and FX Options, the new service is asset-class, central counterparty and trade repository agnostic.
Customers can connect electronically or manually via deal-entry screens to legally confirm and route trades to the central counterparty of their choice. They can also process, monitor and analyze trade status in real-time, meeting compliance needs.
