Traiana's Harmony network for equity and equity derivatives post-trade processing includes straight-through-processing (STP) to clients and equity CFD give-ups between executing and prime brokers. Currently used by ten of the worldâs largest prime brokers and 60 executing brokers, it is now available to the 550 plus brokers that connect to Fidessa's global FIX connectivity network.
Brokers will be able to seamlessly access Traiana's secure, dedicated, real-time give-up messaging system, Harmony, for equity CFD trades. Formerly known as âMBA Confirms.Infoâ, the fully automated service reduces the capacity for human error and enhances the response time for the acceptance or rejection of the equity CFD confirmation give-up process, decreasing the cost and risk for all participants. Advanced automation, a full audit trail and intelligent data mapping ensure the transmission of accurate data, meaning that executing and prime brokers and their clients can benefit from increased operational efficiency and reduced operational risk. At the same time, the solution also enforces counterparty and client anonymity.
Simon McDowell, Managing Director â Connectivity, at Fidessa, said: âWe continue to strive to meet the needs of our clients in the most effective way possible. With the addition of Traiana to our network we're pleased to be able to provide our global community of brokers with access to the comprehensive post-trade services available through Harmony Message Center."
Charles Day, Head of Global Equity Finance within the Derivatives Division at Daiwa Capital Markets in London, notes: âWe are extremely committed to improving market discipline and delivering a high level of service to our customers. Industry-standard technologies such as Harmony play a critical role in automating the CFD give-up process to ensure the elimination of manual error and to improve operational efficiency. As clients of Fidessa, weâre excited not just about the possibilities of connecting to the Harmony network for CFD give-ups but also about the opportunity to leverage full STP throughout the post-trade process lifecycle. Harmony plays a critical role in automating the CFD and swap give-up processâ.
The Japanese investment bank is one of the first clients to use Harmony Message Center for equity derivatives and now benefits from its secure, automated service.
Roy Saadon, Co-Founder, and General Manager of Harmony, says: âWeâre pleased to be working with Fidessa. The combination of Traianaâs end-to-end post-trade solutions and Fidessaâs trading systems, data and connectivity, will help to encourage the use of best-of-breed technology within the equity derivative, futures, cash equities and foreign exchange post-trade processing space.â
Fidessa's connectivity network is one of the world's largest and most diverse trading communities, linking more than 2,400 buy-side institutions to more than 550 brokers across EMEA, Asia Pacific and the Americas. In the first half of 2010 Fidessaâs network increased its traffic by 28 per cent and now carries executed order flow of around $700 billion each month.