Traiana has implemented Harmony TR Connect, its swap data repository service for over-the-counter (OTC) derivatives, to provide market participants with the ability to comply with the trade reporting requirements under the US Dodd-Frank framework and EU’s European Market Infrastructure Regulation (EMIR).
The service with the Depository Trust & Clearing Corporation (DTCC) offers a single point of connection for post-trade reporting of foreign exchange (FX), interest-rate and credit default swap trades. The firm, which provides solutions to automate post trade processing for banks, broker/dealers, buy-side firms and electronic trading (e-trading) platforms, said that Harmony TR Connect will extend the ability to report to the DTCC global trade repositories and other trade repositories to a broader audience under US & EMIR regulations.
“Traiana continues to work with market participants to understand and deliver the solutions required to meet the global regulations. We are excited to be working with DTCC to deliver standardised and consistent trade reporting on behalf of a broad range of financial institutions operating in global OTC derivatives markets,” said Andrew Coyne, chief executive officer (CEO) of Traiana.
As well as providing a connection to the DTCC Data Repository (US) LLC, the U.S multi-asset class swaps data repository (SDR) – and, via DTCC, to regional trade repositories as required – Harmony TR Connect provides a messaging hub for connectivity between market participants and trade repositories, supporting the workflow, routing, and state management associated with reporting activities. This includes key 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.
The EU’s EMIR directive will similarly require institutions to report their OTC derivatives trades to appropriate trade repositories starting as early as 23 September 2013, dependent on registration and regulatory approval. TR Connect has been designed to streamline the process for both Dodd-Frank and EMIR compliance, providing a single point of connection for post-trade reporting of OTC derivatives trades.
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