Citi has announced it has chosen Traiana, the post-trade technology company to provide foreign exchange option and non-deliverable forward client clearing connectivity.
Through, Harmony CCP Connect, the service provides connectivity to central counterparties (CCPs) for the clearing of over-the-counter foreign exchange (FX) derivatives.
Harmony CCP Connect provides comprehensive connectivity to CCPs through the Harmony network, including trade routing, affirmation, matching, allocation, and reporting for centrally cleared OTC foreign exchange (FX) options and non-deliverable forwards (NDFs).
Available immediately to all members of the Harmony community, Harmony CCP Connect adds central clearing services to Traianas market standard post-trade network which today processes OTC FX options and NDFs for a network of over 500 connected firms.
In the future, the client trading environment will include both cleared and non-cleared trades., says Andy Coyne, Global Head of FX Prime Brokerage at Citi. In this new world it will be imperative to have a solution that handles both. Given that the majority of FX prime brokerage trades already go through Harmony, including NDFs and options, Traiana is the natural choice to provide connectivity to the CCPs as well.