Traiana, the post-trading technology provider that is owned by giant brokerage ICAP has signed up its first central counterparty (CCP) clearing party, CME Clearing to its straight-through-processing (STP) connection, Harmony network.
The link-up will allow for connectivity and matching between executing banks, prime brokers, execution platforms and CCPs for OTC foreign exchange (FX) trades.
CME Group has made significant steps towards developing a clearing solution for the OTC FX market, both interbank and client, and has been working closely with many participants from all areas of the FX industry, says Roger Rutherford, CME Groups Managing Director of FX products. We are delighted to be the first central counterparty that is linked to Harmony knowing that with the connection, we are making our service available to many participants in the market.
Traiana provides global banks, broker/dealers, buy-side firms and e-trading platforms with the technological ability to automate post-trade processing of financial transactions.