Traiana said that the Harmony network, its global product for equities swaps and contract for difference (CFD) markets, is now live in the Asia Pacific region.
The post-trade solutions provider added that demand for the equity swap network in Asia reflects the change in behaviour in this market, growing volumes in the give-up market, increased access by global buy-side firms as well as the focus on straight-through-processing servicing (STP) by global synthetic equity prime brokers. Buy-side firms are using the product to access markets such as China and India for the first time, building on their existing activity in Japan, Hong Kong, Singapore and Australia. Prime brokers leading the initiative and covering execution in the regional markets include Credit Suisse and UBS.
The Harmony network’s expansion into Asia includes product enhancements designed to address localised requirements driven by both market practice and new regulations. These new functionalities include mandated unique indications around short selling and price breakdowns. The network also allows for segregation of regional trade data between the global centres that vary in definition between the synthetic prime broker firms.
The Harmony network now comprises over 80 executing brokers and 15 prime brokers globally, for give up processing, allocations and T-0 matching with buy side firms, facilitating tighter risk controls and improved client servicing.
“The synthetic equity expansion is a natural next step for Traiana, as we continue to provide a unique service with a full cross asset capabilities covering global foreign exchange [FX], exchange traded derivatives, cash and synthetic equity, fixed income and over the counter [OTC] derivatives,” said Roy Saadon, co founder at Traiana. “Our strong partnership with the prime brokers helps us prioritise the asset expansion roadmap and this is an indication of the success of this relationship.”
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