The renowned post trade processing provider Traiana has signed an agreement with FENICS software to integrate the FENICS professional with a couple of elements of the Harmony Network. This will ensure proper reporting management of the OTC forex derivatives into the swap data repositories and the clearing houses. The first component is known as Harmony TR Connect & it has a messaging hub for connectivity between the trade repositories and market participants. This component supports the workflow, routing and matching state of all the reporting activities associated with the state management. Some of the basic functions of this component are: trade amendments, LEI/UPI storage, USI storage, initial trade reporting, trade cancellations and snapshot reporting.
The 2nd component is named as Harmony CCP Connect and this gives a comprehensive workflow solution for the client clearing tasks with help of the Harmony Network. The tasks include: CCP connectivity, trade affirmation, trade routing, matching, allocation and reporting for the OTC FX Options and NDFs which have been cleared centrally.
As part of this new solution, the existing customers of FENICS will be able to get real-time reports and reconcile with the different trade repositories through the Harmony Network such as Global Trade Repository, DTCC Swaps Data Repository etc. That’s not all; customers can also manage allocation, affirmation and clearing process with the clients, clearinghouses and counterparts working under the swaps regulations of Europe and US.
As part of the business agreement, FENICS customers can submit the reportable forex trades including swaps, options, deliverable and non-deliverable forwards to trade repositories through the TR Connect service. They can also receive the proper trade enrichment information which is reported back to them.
According to the Managing Director of FENICS, Richard Brunt, the partnership with Traiana marks a great synergy between two services and he is proud of signing this. He added that the preliminary rollout campaign will be for US customers only; however, as clients from other regions are already showing enthusiasm over this development, they may soon extend the same.
On the other hand, the CEO of Traiana, Andy Coyne stated that they are delighted to be partnering with FENICS, a proven leader in their space. Andy added that this new agreement will help its customers to achieve compliance with new reporting regulations at comparatively lower costs.