Trayport(R) and MEFF Reach Agreement on Link to Allow Automated Clearing
Trayport, the leading provider of software to the European commodity trading community, announced today that it has signed an agreement with MEFF to develop a clearing link. This will integrate with MEFF POWER, the MEFF CCP for energy products, offering real-time straight through processing from its GlobalVision Broker Trading SystemsSM to MEFF's clearing systems for processing transactions.
The MEFF POWER CCP service, which went live on 21 March, aims to increase liquidity in the Spanish Power market, allowing more entities to cross trade with others with whom they may not have credit lines.
GlobalVision Broker Trading system is widely used by market participants; hence this agreement is an important step. GlobalVision will now connect to MEFF's clearing systems directly. This will automate the OTC cleared trade workflow, eliminating manual input errors and improving traders' day-to-day operations by proving automatic clearing confirmations.
Fernando Centelles, MEFF ceo, said: "MEFF POWER is a service of central counterparty clearing for the OTC market and is based on a model where trades are agreed with the brokers and then the brokers submit the trades to MEFF POWER for registration. The agreement with Trayport will ensure the submission process is much faster, more reliable by STP, and more comfortable for brokers and traders alike. We are very happy to have reached to an agreement with Trayport to further develop the Spanish OTC power market."
"Trayport are proud to offer electronic submission of OTC energy trades to MEFF's systems. Improving the OTC cleared model is crucial for the evolution of the OTC Spanish energy market and our integration with MEFF will ensure the process becomes far more automatic," said Louis Hems, sales manager at Trayport.
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