New York/London, 29 May 2014 – Traiana, the leading provider of pre-trade risk and post-trade processing solutions, has launched an enhanced version of CreditLink with new functionality designed for buy-side market participants trading on swap execution facilities (SEFs). The enhanced version includes services to streamline post-trade processing of SEF trades, manage the allocations process for bunched orders, and the ability to monitor limits across the entire trade lifecycle.
Buy-side clients complying with mandatory SEF trading are wrestling with new processes for executing, clearing and allocating swaps, with significant added complexity for traders, middle office and risk managers. The updated release of CreditLink, currently in production, extends Traiana’s market-leading capabilities for pre-trade credit checking with key new capabilities:
- Real-time notifications of SEF orders and executions
- What-if checking for new trades and allocations to ensure planned trading activities are within clearing limits
- Bunched-order allocations with integration to leading clearinghouses across Interest Rate Swaps and Credit Default Swaps
- Automated notifications, alerts and reports to help firms manage their margin requirements and limits with their futures commissions merchants (FCMs)
Nick Solinger, Traiana Head of Product Strategy and Chief Marketing Officer commented: “Buy-side market participants trading on SEFs have pre and post trade requirements that impact not only their trading teams, but also their compliance and risk management processes. Extending our services to the buy-side provides greater visibility and flexibility, which supports the ongoing development of a smoothly functioning market in a new regulatory environment.”
CreditLink has acted as the pre-trade credit-checking hub for electronic credit default swap (CDS) and interest rate swap trading since the introduction of mandatory SEF trading in February. Over 600 buy-side client organizations have managed their pre-trade clearing certainty using CreditLink, and over 72,000 accounts from both buy-side and OTC clearing FCMs have connected to CreditLink. CreditLink is now connected to the major SEFs, clearing houses and 16 FCMs.
CFTC regulations require that a clearing member define limits and must carry out pre-trade credit checks on clients’ orders prior to execution on SEFs. To assist clients in meeting these regulatory requirements, CreditLink acts as a centralized hub and provides trading platforms, clearers/prime brokers, executing banks and clearing clients the ability to monitor and manage pre- and post-trade credit in real-time across trading venues in a consolidated view.
Further resources for FCMs and buy-side firms are available at: www.traiana.com
CreditLink provides trading platforms, clearers/prime brokers, executing banks and buy-side firms the ability to monitor and manage pre- and post-trade credit in real-time across multiple trading venues in a consolidated view. CreditLink supports all trading models across exchange traded derivatives, interest rate derivatives, credit default swaps and FX derivatives for hundreds of clients across trading venues.
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.
Candice Adam, Argentus PR
Tel +44 (0)20 7397 2915