Traiana announced that it has partnered with leading foreign exchange prime brokers, Citi, Deutsche Bank, J.P. Morgan and Morgan Stanley, together with leading FX platforms, Bloomberg Tradebook, Currenex, EBS, FXCM, Hotspot FX and Thomson Reuters, to launch an industry-wide initiative to centrally monitor and manage foreign exchange ECN trading activity and trading limits globally. By connecting prime brokers and ECNs in real-time, the service will provide the FX industry with the control and real-time risk management capabilities to manage risks from algorithmic and high frequency trading. The launch of the new version of Harmony CreditLink culminates a comprehensive effort by all partners over many months, and is now live and available to all Harmony members.
Gil Mandelzis, CEO Traiana says, “Traiana remains committed to innovating across market segments and asset classes to ensure all market participants have the post- trade credit risk solutions they need. We’re honoured to play an instrumental role for the FX community in this initiative, and look forward to expanding central credit risk capabilities to new asset classes.”
By providing centralized, automated and secure ECN limit management, credit risk for all counterparties will be significantly reduced.