#Traiana teams up with six banks to strengthen #FX #clearing

Post-trade solutions expert Traiana recently announced its partnership with six top banks on its Harmony CCP Connect connectivity network. The six banks, namely Citigroup, Bank of America Merrill Lynch, Deutsche Bank, JP Morgan Chase, Morgan Stanley and UBS, are the world’s largest foreign exchange (aka forex and FX) clearers. Joining Traiana’s Harmony CCP Connect helps them to answer a requirement of the Dodd-Frank Act to clear swap deals through central clearinghouses, including mandatory clearing of over-the-counter (OTC) FX derivatives.

Harmony CCP Connect offers trade routing, affirmation, matching, allocation and reporting for forex options and non-deliverable forwards (NDFs). It connects to clearing houses such as LCH.Clearnet, IntercontinentalExchange (ICE), CME and Singapore Exchange. Therefore, Traiana effectively forms a one-stop connection between the banks and their clients to the clearinghouses that they want to reach, and it can be easily fit into the existing FX systems and processes within the banks.

Traiana will showcase their new FX clearing services at the Trading Congress Chicago conference. Mr. John Lloyd, Director of Product Marketing, will demonstrate more details on their low latency and central clearing features.