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Traiana Launches Central Clearing Connectivity for FX Derivatives

Citi is the first client to use the central clearing service, Harmony CCP Connect, for the bank's FX prime brokerage trades.

Traiania has launched a new service for connectivity to central counterparties (CCPs) for the clearing of over-the counter (OTC) foreign exchange (FX) derivatives. In additon, Citi is the first customer of the solution offered by Traina, according to today’s announcement.

Available immediately to all members of the Harmony community, Harmony CCP Connect provides comprehensive connectivity to CCPs through the Harmony network, including trade routing, affirmation, matching, allocation, and reporting for centrally cleared OTC foreign exchange (FX) options and non-deliverable forwards (NDFs).

Harmony CCP Connect adds central clearing services to Traiana’s market standard post-trade network which today processes OTC FX options and NDFs for a network of over 500 connected firms.

Andy Coyne, Global Head of FX Prime Brokerage at Citi, said, “In the future, the client trading environment will include both cleared and non-cleared trades. In this new world it will be imperative to have a solution that handles both. Given that the majority of FX prime brokerage trades already go through Harmony, including NDFs and options, Traiana is the natural choice to provide connectivity to the CCPs as well.”

In a statement, Gil Mandelzis, Traiana’s CEO, Traiana, said, “The addition of central clearing in these FX instruments means that the complexity of trading and processing for clients will increase significantly and as such the role of the prime broker becomes even more important. Traiana is committed to support the FX prime brokers’ challenges and opportunities and we are delighted to have been selected by Citi to implement our solution.” Traiana, an ICAP owned company, provides post-trade processing solutions to automate financial transactions for global banks, broker-dealers, buy side firms and e-trading platforms.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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