Traiana has launched a new service to reconcile client reference data ahead of the introduction of mandatory electronic trading of swaps on swap execution facilities (SEFs) in Europe [the move follows the US launch late last year, which itself suffered delays].
The new Traiana service uses Duco technology to ease on-boarding for clients and reconcile reference data from disparate sources provided by central counterparty clearinghouses (CCPs), SEFs, futures commission merchants (FCMs), buy-side firms and other swap data repositories under the new post-crash regulatory environment in the US and Europe.
The Traiana service is intended to help its customers reconcile significant volumes of data and ensure that clients are not prevented from trading by clerical errors or mismatches in static data regarding accounts, limits or SEF trading identifiers, before the European regulations come into force in mid-February. The first customers to get the service are on the vendor’s Harmony CreditLink and CCP Connect platforms covering rates and credit default swaps (CDS).
“There will be a huge surge of clients moving into electronic trading, many for the first time, and the volume of data that the industry is dealing with during this shift to a new market structure is unprecedented,” said Nick Solinger, head of product strategy and marketing at Traiana. “We are proactively investing resources to ensure that all our clients are ready to trade when mandatory SEF trading goes live. Duco offers a powerful solution to reconcile this data, which is why we partnered with them.”
The Traiana platform currently hosts customers that manage reference data for over 10,000 clearing accounts, emanating from 400 clearing clients and 15 FCMs.
According Christian Nentwich, co-founder and chief executive officer (CEO) of Duco, the firm’s reconciliation technology can address pressing regulatory needs in sharply reduced time spans, regardless of asset class or application area. “This partnership will ensure a smooth on-boarding process for operations teams and removes technical barriers to adoption.”
By Neil Ainger
• For more about the capital markets arena and the profound regulatory and market changes happening there, please read the bobsguide blogger (aka contributing editor) submissions curated by FIX, highlighting SEFs and general changes to the post-trade processing environment.