Post-trade solution provider Traiana has launched a swap data repository service called Harmony TR Connect for over-the-counter (OTC) derivatives, which helps market participants to comply with the trade reporting requirements of Dodd-Frank and the EU's European Market Infrastructure Regulation (EMIR).
The solution offers a single point of connection for post-trade reporting of foreign exchange, interest-rate and credit default swap trades.
Harmony TR Connect will report to the DTCC Global Trade Repositories as well as other trade repositories subject to U.S. and EMIR regulations. Traiana is working with electronic platforms and interdealer brokers that register as swap execution facilities (SEFs), multilateral trading facilities (MTFs) and organized trading facilities (OTFs) to tailor the solution to regulations.
"Traiana continues to work with market participants to understand and deliver the solutions required to meet the global regulations," says Andrew Coyne, CEO of Traiana. "We are excited to be working with DTCC to deliver standardized and consistent trade reporting on behalf of a broad range of financial institutions operating in global OTC derivatives markets."
The solution seamlessly connects to the DTCC Data Repository in the U.S. which in turn may connect to regional trade repositories as required. Harmony TR Connect serves as a messaging hub for connectivity between market participants and trade repositories and supports the workflow, routing and state management involved in reporting activities. That includes functions such as initial trade reporting, unique swap identifier generation, legal entity identifier/unique product identifier enrichment, lifecycle and state management, trade amendments, cancellations and snapshot reporting.
Harmony TR Connect also interoperates with the firm's Harmony CCP Connect solution, which provides a comprehensive 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.