Post-trade processing specialist Traiana has added three further clearing firms to its initiative to automate processing of over-the-counter (OTC) foreign exchange (FX) derivatives with clearing houses.
BNP Paribas, HSBC and Royal Bank of Scotland (RBS) will all use Traiana’s Harmony CCP Connect to manage the clearing process with their clients, central counterparties (CCPs) and clearing houses. In addition, all firms will participate in Traiana’s CCP Connect working group to promote industry wide interoperability and compliance with new regulations mandated by the Dodd-Frank Act in the US and upcoming clearing regulations in Europe and Asia.
Bank of America Merrill Lynch (BofA Merrill), Citi, Deutsche Bank, JP Morgan, Morgan Stanley and UBS joined Harmony CCP Connect in March 2012. Trading platforms EBS and Thomson Reuters connected to the solution in early September.
“As the FX industry continues to work together to implement US and European regulatory reform, we are excited to add such leaders to our OTC clearing initiative,” said Andrew Coyne, Traiana’s chief executive officer (CEO). “Traiana is committed to working with our customers and their clients to ensure all market participants have the ability to adapt to the ever-evolving regulations globally.”
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.