TeraExchange, a multi-asset class swap execution facility, announced today that it is certified and live with a connection to Traiana CreditLink. This provides TeraExchange market participants’ clearing members with the choice of using TeraCheck, its proprietary pre-trade credit engine, or Traiana CreditLink to manage real-time trading and clearing limits, and by doing so ensure compliance with the CFTC clearing mandate.
TeraExchange is the industry’s first and only multi-asset class central limit order book with an all-to-all platform across interest rate, credit and foreign exchange (FX) derivatives for all clearable swaps contracts. It also incorporates “directed orders” within the order book, request-for-quote (RFQ) and request-for-market (RFM) trading protocols.
TeraCheck and Traiana CreditLink allow market participants’ clearing members to pre-screen orders to trade swaps prior to execution in low latency, providing certainty of clearing acceptance by their clearing members at the time of execution. TeraCheck also enables TeraExchange clients to independently set detailed trading risk limits, and integrates seamlessly with in-house and external credit hub systems. In addition, TeraExchange has licensed its execution management system, TeraDirect, to Traiana for use in its product research and testing.
“It has always been mission-critical for TeraExchange to provide controls for risk taking in our marketplace. Repeatable and dependable risk procedures and protocols create firm and deep markets. Through TeraCheck and our partnership with Traiana we provide clearing members and market participants even more flexibility in achieving those goals,” said Christian Martin, CEO of TeraExchange.
“TeraExchange is a welcome addition to the Traiana network,” said Nick Solinger, Head of Product Strategy and Chief Marketing Officer at Traiana. “For over a year, we have been building Traiana CreditLink for the swaps industry so participants trading on SEFs would be compliant with new CFTC regulations.”
TeraExchange is a CFTC registered Swap Execution Facility (SEF) offering market participants a platform for trading all Interest Rate Swaps, Credit Default Swap Indices, Equity Swaps, and FX NDF’s.