London, 10 September 2015 – Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces today that Credit Link, its established service for credit checking and clearing certainty for swaps, was used to check limits for an FX NDF trade executed on State Street’s SwapEx platform. The limits were posted by Société Générale acting as the client’s clearing member at LCH.Clearnet’s ForexClear service.
Steve French, Head of Regulation at Traiana commented, “The pre-trade limit checking, execution and clearing of the trade complied with the post-trade workflow and timings specified by the CFTC. This completes a key milestone in the development of the Traiana CreditLink service and we are now working with clearing members and trading venues to prepare the service for FX options and the Post-Trading Issues as specified in the MiFID II draft RTS.”
Nicholas Gionfriddo, Americas Head of OTC Clearing Sales at Société Générale said: “We’re excited about breaking this new ground with our partners. NDFs on-SEF opens another door to FX OTC Clearing for our customers- one that leads to valuation simplicity & operational efficiencies as well as collateral optimization via Société Générale’s cross asset portfolio margining system. And during a time of industry transformation, this innovation illustrates Société Générale‘s commitment to the OTC Clearing business. We will continue to build out our OTC Clearing offering by partnering with clearing houses and vendors to deliver market leading solutions for our customers.”
Edward Hughes, COO, ForexClear, LCH.Clearnet said: “This is the first trade that ForexClear has cleared that was executed on a SEF. This is a significant milestone and demonstrates an ongoing commitment to clearing FX NDFs.”
Traiana CreditLink supports interest rate swaps, single name and CDS indices and FX derivatives.
Traiana, Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and trading platforms with services to monitor pre- trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets. Traiana’s solutions and the Harmony Network have become the market standard for post-trade processing of foreign exchange, exchange traded derivatives, fixed income, CDS and synthetic and cash equity transactions. Traiana, an ICAP company, is headquartered in New York City with offices in Chicago, Hong Kong, London, Singapore, Tel Aviv and Tokyo.