Outlining how Traiana Harmony is expanding its market footprint with FX Options STP.

First Published: e-Forex Magazine 24 / Case Study / July, 2006

Traiana’s Harmony service was launched less than two years ago to provide a secure, scalable service to efficiently manage the give-up process between prime brokers, executing banks and ECNs. It was initially offered to cover cash FX products, but was expanded to cover FX options based on demand from several major prime brokers already on Harmony.These prime brokers have been active in driving strategy for the product, including defining a common set of option valuations. Harmony’s support for FX options is a relatively recent development, but already a number of major executing banks are live with the service. There are currently deals flowing through eight executing bank to prime broker relationships, and a significant pipeline of additional participants that are expected to go live in the coming months.The service connects all trading partners using Harmony Message Center, a central hub that provides a single point of connection, replacing the manual processing of give-ups and the use of...continued

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