Frances Maguire
Frances Maguire

Developing new Back Office and clearing connectivity services for FX

Connection to CCPs, Swap Execution Facilities (SEFs) and Trade Repositories will add another layer to an already complex and sophisticated automated system, writes Frances Maguire.

All aspects of the FX trade life cycle, pre-trade, trade and post-trade will be greatly impacted by the incoming regulations for OTC instruments and the systems in place to support this workflow, including telephone based trades, will need to be reviewed. Most importantly, credit risk systems will need to reflect changes in credit risk due to CCPs, while trade processing systems will need to be enhanced and configured to include OTC instruments for the newly established Trade Repositories. Aggregation Further to this, Gil Mandelzis, CEO of Traiana, says that the introduction of aggregation, such as that offered through the CLS Aggregation Service (CLSAS), a joint initiative between Traiana and CLS, and through Harmony NetLink, a retail aggregation solution offered by Traiana, provides an intermediate step that will also significantly change the way front to back office processing operates in FX. Last year, Traiana and CLS joined forces to enable aggregation of trades from post-trade through to...continued

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