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Traiana Adds BNPP. HSBC and RBS to FX Derivatives Clearing Initiative

Post-trade technology company Traiana has added three more clearing firms to its initiative to automate the processing of OTC foreign exchange derivatives with clearinghouses. 

BNP Paribas, HSBC and Royal Bank of Scotland will use Traiana’s Harmony CCP Connect to manage the clearing process with their clients, counterparties and clearinghouses. They will also participate in Traiana’s CCP Connect Working Group to promote industry wide interoperability and compliance with new regulations mandated by the US Dodd-Frank Act and forthcoming clearing regulations in Europe and Asia.

BofA Merrill Lynch, Citi, Deutsche Bank, JP Morgan, Morgan Stanley and UBS joined Harmony CCP Connect in March 2012 while trading platforms EBS and Thomson Reuters connected to the service in early September.

Harmony CCP Connect provides a workflow service for client clearing via the Harmony network. Its functionality includes CCP connectivity, trade routing, affirmation, matching, allocation and reporting for centrally cleared OTC FX options and non-deliverable forwards. It also provides a gateway to FX trading and post-trade venues, ensuring buy-side firms can use their preferred trading, allocation and confirmation venues with complete interoperability.

The service supports all proposed US and European clearing rules and workflows, simplifying compliance for FX clearing firms and their clients to all CCPs, while at the same time, lowering costs and complexity for all market participants, Traiana says.

Jacqueline Liau, global head of product and services for FX Prime, HSBC says, “HSBC operates across numerous regulatory regions, all with different requirements, rules and timelines. Traiana’s connections to the leading market participants, clearing houses and clients, provide our clients with the flexibility to select the optimal client solution for their specific needs, and can help ensure compliance with the new requirements globally.”

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