Post-trade processing, client servicing and trading partner
integration solutions for financial institutions.

Realize the benefits of electronic confirmation across the client base

 

The Harmony Confirmation Service (HCS) ends the need for paper confirms by providing real-time, electronic matching of short-form and long-form products.  

 

Too few client transactions are being confirmed electronically. Defining terms in master agreements that are better suited for confirmation exchange is costly and time consuming as clients are forced to negotiate per counterparty per currency-pair. Manual confirmation is time consuming and error prone. Documents are faxed to clients requiring signature - which may take days or weeks to turn around, if returned at all. The Traiana Harmony Confirmation Service streamlines the entire process by creating an easy to integrate to environment with minimal IT foot print and extensible workflow management.

 

Functionality

Harmony's unique flexibility is the key to enabling a truly electronic confirmation process for FX derivative products. Rather than forcing a standard for integration on any one party, Harmony allows parties to connect leveraging their own internal message format, naming conventions and protocols

Flexible workflow components allow for parties to decide how they will work with the service.
Master agreements can be defined to support

• Master agreements can be defined to support
  • Industry Standards
  • Firm-wide standards
  • bi-lateral agreement
  • tri-party agreement
• Flexible Matching - inclusive or exclusive of SSI information
• Flexible Confirmation Workflow
  • Click-to-confirm - no matching, users review and digitally sign the confirm
  • Full electronic match - full electronic matching of confirmation details
  • Hybrid - full electronic match, followed by a manual review leading to click-to-confirm.

Benefits for Participants

• Real-time, electronic confirmation of FX derivatives near trade execution
• Extensive exceptions tracking and notification
• Full support for standardized and negotiated products
• Dramatically reduces operational risks associated with manual confirmation process
• Combines Prime Brokerage Acceptance with Confirmation - removing Legal and Basis Risk

Benefits for Prime Brokers

• Allows for the aggregation of prime brokerage affirmation with the legal confirm enabling clients to submit one ticket for both PB acceptance and confirmation
• Removes legal and basis risk by ensuring street-side and client-side tickets are to the same terms and conditions

Copyright © 2006 Traiana an ICAP Group Company