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BNP Paribas, HSBC and Royal Bank of Scotland join initiative to streamline central clearing of FX Derivatives
Traiana, the leading provider of post-trade solutions, announced today the addition of three further clearing firms to Traiana’s comprehensive initiative to automate processing of OTC foreign exchange (FX) derivatives with clearinghouses. BNP Paribas, HSBC and Royal Bank of Scotland will all use Traiana’s Harmony CCP Connect to manage the clearing process with their clients, counterparties and clearinghouses (CCPs). In addition, all firms will participate in Traiana’s CCP Connect Working Group to promote industry wide interoperability and compliance with new regulations mandated by the Dodd-Frank act and upcoming clearing regulations in Europe and Asia.
BofA Merrill Lynch, Citi, Deutsche Bank, JPMorgan, Morgan Stanley and UBS joined Harmony CCP Connect in March 2012. Trading platforms EBS and Thomson Reuters connected to the solution in early September.
Harmony CCP Connect 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 (NDFs). 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. The solution supports all proposed US and European clearing rules and workflows, simplifying compliance for FX clearing firms and their clients to all CCPs, while at the same time, lowering costs and complexity for all market participants.
Jacqueline Liau, Global Head of Product and Services for FX Prime, HSBC said, “HSBC operates across numerous regulatory regions, all with different requirements, rules and timelines. Traiana’s connections to the leading market participants, clearing houses and clients, provide our clients with the flexibility to select the optimal client solution for their specific needs, and can help ensure compliance with the new requirements globally."
Steve Ramsden, Global Head FX Prime Brokerage and CCP Clearing, Royal Bank of Scotland said, "By partnering with Traiana, our clients will have a connection to immediately reach the key clearinghouses, trading venues, post-trade platforms and market participants. We believe this will reduce the risk and complexity associated with implementing OTC clearing in the timelines required by regulations."
Andrew Coyne, CEO, Traiana said, “As the FX industry continues to work together to implement U.S. and European regulatory reform, we are excited to add such leaders to our OTC Clearing initiative. Traiana is committed to working with our customers and their clients to ensure all market participants have the ability to adapt to the ever-evolving regulations globally.”
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