Traiana, the leading provider of post-trade solutions, announced today that Harmony NetLink is now connected to 18 retail brokers, and 19 top-tier liquidity providers and prime brokers as customers. This solidifies Harmony’s position as the trade aggregation standard for the retail foreign exchange (FX) market. Since it was launched in 2006, Harmony NetLink has helped to shift the business model of retail brokers from a principal to an agency trading model, so they are no longer aggregating positions or risk.
Retail brokers are increasingly using Harmony NetLink to scale their business, and lower risk and cost. Prime brokers, including Barclays Capital, Citi, Commerzbank, Deutsche Bank, J.P. Morgan, and Morgan Stanley, have integrated the solution into their offerings to meet the increased demand from retail brokers to reduce risk and maximize back office capacity. This is particularly important as they take on the high trading volumes generated in retail FX.
Nick Solinger, chief marketing officer of Traiana, commented, “Through one automated, real-time connection, retail brokers, liquidity providers and prime brokers have immediate access to all counterparties. Further, as retail aggregators consider the transition to an agency model, and as leading banks consider their participation in this fast growing market, Harmony NetLink eases the transition, offering a proven network and a cost effective business model.”
Drew Niv, ceo of FXCM, commented, “Harmony NetLink allows us to scale our operation and manage operational risk. As the first retail broker to implement an agency trading model and to adopt Harmony NetLink, our customers have benefitted from the price transparency and improved business model which increases their trading opportunities and lowers risk.”
