Swap Trade Reporting Solution with DTCC Offers Single Point of Access for Executing Brokers, Prime Brokers/Clearing Members and ECNs/SEFs
Traiana, the leading provider of post-trade solutions, announces today the successful implementation of its Swap Data Repository Service (Harmony TR Connect) for over-the-counter (OTC) derivatives. Harmony TR Connect provides all market participants with the ability to comply with the trade reporting requirements under the US Dodd-Frank framework and EU’s European Market Infrastructure Regulation (EMIR), offering a single point of connection for post-trade reporting of foreign exchange, interest-rate and credit default swap trades.
Traiana has developed Harmony TR Connect to create an industry-standard solution for derivatives trade reporting that will extend the ability to report to the DTCC Global Trade Repositories and other trade repositories to a broader audience under US & EMIR regulations. Electronic platforms and interdealer brokers that will potentially register as SEFs/MTFs/OTFs are working with Traiana to help them fulfil their particular reporting requirements to comply with US and European regulations.
“Traiana continues to work with market participants to understand and deliver the solutions required to meet the global regulations. We are excited to be working with DTCC to deliver standardized and consistent Trade Reporting on behalf of a broad range of financial institutions operating in global OTC derivatives markets,” said Andrew Coyne, CEO of Traiana.
As well as providing a seamless connection to the DTCC Data Repository (U.S.) LLC, the U.S multi-asset class swaps data repository (SDR) – and, via DTCC, to regional trade repositories as required – Harmony TR Connect provides a messaging hub for connectivity between market participants and trade repositories, supporting the workflow, routing, and state management associated with reporting activities. This includes key functions such as initial trade reporting, Unique Swap Identifier generation, Legal Entity Identifier/Unique Product Identifier enrichment, lifecycle and state management, trade amendments, cancellations and snapshot reporting.
The European Union’s EMIR directive will similarly require institutions to report their OTC derivatives trades to appropriate trade repositories starting as early as September 23, 2013, dependent on registration and regulatory approval. TR Connect has been designed to streamline the process for both Dodd-Frank and EMIR compliance, providing a single point of connection for post-trade reporting of OTC derivatives trades.
Kieran Salter, Global Head of Foreign Exchange at Commonwealth Bank, said, “Working with Traiana’s knowledgeable team to implement Harmony TR Connect helped us navigate the impact of Dodd Frank regulations on an Australian bank.”
As part of Traiana’s regulatory solutions, Harmony TR Connect interoperates with the Harmony CCP Connect solution which provides a comprehensive workflow solution for client clearing via the Harmony network, including CCP connectivity, trade routing, affirmation, matching, allocation, and reporting for centrally cleared OTC FX options and non-deliverable forwards. With a single connection to Harmony CCP Connect, firms also have a gateway to other leading FX infrastructure operators; ensuring clients can use their preferred trading, allocation and confirmation venues with complete interoperability.
