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April 15, 2013

Traiana Launches Swap Data Repository Service

After recently unveiling its pre-credit check solution "CreditLink" Traiana is now offering an SDR connectivity service called "Harmony TR Connect". According to their press release:

"Traiana has developed Harmony TR Connect to create an industry-standard solution for derivatives trade reporting that will extend the ability to report to the DTCC Global Trade Repositories and other trade repositories to a broader audience under US & EMIR regulations. Electronic platforms and interdealer brokers that will potentially register as SEFs/MTFs/OTFs are working with Traiana to help them fulfil their particular reporting requirements to comply with US and European regulations.

"As well as providing a seamless connection to the DTCC Data Repository (U.S.) LLC, the U.S multi-asset class swaps data repository (SDR) – and, via DTCC, to regional trade repositories as required – Harmony TR Connect provides a messaging hub for connectivity between market participants and trade repositories, supporting the workflow, routing, and state management associated with reporting activities. This includes key functions such as initial trade reporting, Unique Swap Identifier generation, Legal Entity Identifier/Unique Product Identifier enrichment, lifecycle and state management, trade amendments, cancellations and snapshot reporting."

It will be interesting to see how such a service might be picked up rather than a pure plug & play solution to connect to a trade repository. Tom


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