Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  ICAP plc    IAP   GB0033872168

Delayed Quote. Delayed  - 05/04 03:26:34 pm
469.5 GBp   +1.03%
05/03 ICAP : triResolve’s Repository Reconciliation service and DTCC..
04/28DJOil's Rise Chugs On
04/22 ICAP : ISDX Board Changes
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Traiana Signs Up Six Banks To Clearing Network

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/19/2012 | 01:16am CEST

Six major banks have signed up to ICAP PLC-owned (>> ICAP plc) Traiana's clearing network, helping it to steal a march on its rivals as the foreign-exchange industry prepares for a long-awaited overhaul of regulations governing derivatives trading.

Citigroup Inc. (>> Citigroup Inc.), Bank of America Merrill Lynch (>> Bank of America Corp), Deutsche Bank AG (DB), JP Morgan Chase & Co. (>> JPMorgan Chase & Co.), Morgan Stanley (MS) and UBS AG (UBS) have signed up to the service, known as Harmony CCP Connect, Traiana said Monday.

Traiana, which provides port-trade services like credit checks and financial messaging, and helps to connect banks with trading exchanges, said Harmony CCP Connect made the clearing process simpler by providing a direct line to the clearer.

"Traiana has the connections in place to the clearing houses, clients and counterparties . . . [and] ties into our existing FX systems and processes," Andrew Coyne, head of FX prime and e-commerce product at Citigroup, said in a release.

Clearing houses LCH.Clearnet Group Ltd., IntercontinentalExchange Inc. (>> IntercontinentalExchange, Inc.), CME group Inc. (>> CME Group Inc.) and Singapore Exchange Ltd. (S68.SG) are among those to have said they will use Harmony CCP Connect.

Announced last year, Harmony CCP Connect offers trade routing, affirmation, matching, allocation and reporting for centrally cleared foreign-exchange options and non-deliverable forwards, between institutions and clearing houses, as required by the U.S. Dodd Frank Act and the European Union's European Markets Infrastructure Regulation.

Central counterparties have been written into the regulation to reduce the counterparty, systemic and credit risks associated with over-the-counter derivatives trading, in line with long-standing pledges by the Group of 20 industrialized and developing economies to bring greater stability to financial markets by the end of 2012.

Traiana's service isn't unique to the market--other providers such as Tullett Prebon PLC (>> Tullett Prebon Plc) and GFI Group Inc. (>> GFI Group Inc.) are expected to launch similar services in the coming months.

-By Alexandra Fletcher, Dow Jones Newswires; 44 20 7842 9462; alexandra.fletcher@dowjones.com @djfxtrader

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on ICAP PLC
05/03 ICAP : triResolve’s Repository Reconciliation service and DTCC collaborate..
04/28DJOil's Rise Chugs On
04/22 ICAP : ISDX Board Changes
04/19DJWPP : Communications Company WPP Buys Remaining Interest in Greek Research Agenc..
04/18 ICAP : TriOptima completes first triReduce compression cycle for cleared Swedish..
04/14 ICAP : Acquires ENSO Financial Analytics
04/13 ICAP : *goldman cuts icap price target to 520 (560) pence - 'neutral'
04/12DJJ.P. Morgan Looks Into Cutting the Cord for Traders -- Update
04/12 ICAP : Cloud9 Announces Closing of Investment by J.P. Morgan, ICAP, and Barclays
04/12DJJ.P. Morgan May Cut the Cord for Traders
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials