It comes as banks and their clients prepare to start clearing FX OTC derivatives trades under new regulations being implemented this year. Traiana’s certification from ICE follows that of the CME, which it received in January, after the Commodities Futures Trading Commission (CFTC) released its final rules on FX clearing late last year.
It is yet to announce certification from the London-based clearing house LCH.Clearnet, which began clearing FX derivatives late last month.
Traiana last year introduced its comprehensive client clearing solution Harmony CCP Connect, which is being offered as a solution to reduce clients’ costs of complying with new FX derivatives regulations.
Bank of America Merrill Lynch, Citi, Deutsche Bank, JPMorgan, Morgan Stanley and UBS will use CCP Connect to manage workflow required to clear OTC FX derivatives, enabling them to manage the clearing process with their clients, counterparties and clearing houses.
CCP Connect provides services to support trade affirmation and workflow for clearing, including allocations, cancellation of trades and end-of-day processing.