Thu, 23/01/2014 - 06:02
Traiana is to provide connectivity to four trade repositories – CME, DTCC, Regis-TR and UnaVista – at the time of the EMIR deadline through its Harmony TR Connect trade reporting service.
Support for additional trade repositories will be added after the European Securities and Markets Authority (ESMA) go-live date.
The European Union’s European Market Infrastructure Regulation (EMIR) will require institutions to report their derivatives trades, both over the counter (OTC) and exchange traded derivatives (ETD), to appropriate trade repositories from 12 February 2014.
Harmony TR Connect streamlines this process, providing a single point of connection for post-trade reporting of OTC and ETD trades. The service will initially support FX, ETD and equity derivatives, with additional products being added over time.
Andy Coyne, CEO of Traiana, says: “Traiana helps financial market participants to meet global regulatory requirements and in Europe we will be able to deliver standardised and consistent trade reporting for our clients operating in the global derivatives market, no matter which trade repository they use.”
The launch of Harmony TR Connect in Europe follows the implementation of the service to address the US (Dodd Frank / CFTC), Australia (ASIC), Hong Kong (HKMA) regulatory requirements.
The service supports a number of trade reporting solutions which both buy and sell side participants can leverage in order to report their individual trades to the trade repository of their choice. This includes comprehensive Unique Transaction Identifier (UTI) management capabilities allowing banks to share UTIs with their counterparts, irrespective of trading paradigm, so the correct identifier can be provided with initial trade repository submissions.
Daniel Corrigan, executive director and CEO European trade repository, CME Group, says: “The messaging service provided by Traiana enables clients to submit multi-asset class ‘over-the-counter’ and exchange-traded derivatives data to our CME European Trade Repository in a simple and efficient manner. The efficacy of Traiana’s messaging and Unique Transaction Identifier (‘UTI’) generation is key to this offering.”
As part of Traiana’s regulatory solutions, Harmony TR Connect interoperates with the Harmony CCP Connect solution which provides a 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. With a single connection to Harmony CCP Connect, firms also have a gateway to other FX infrastructure operators.
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