Traiana's post-trade processing for CFDs now available across Fidessa's global connectivity network
London, 15th September 2010 - Fidessa group plc (LSE: FDSA), provider of high performance trading, market data and global connectivity solutions for the buy-side and sell-side, has today announced that Traiana, provider of automated post-trade processing solutions, has joined its global connectivity network.
Traiana's Harmony network for equity and equity derivatives post-trade processing includes straight-through-processing (STP) to clients and equity CFD give-ups between executing and prime brokers. Currently used by ten of the world's largest prime brokers and 60 executing brokers, it is now available to the 550 plus brokers that connect to Fidessa's global FIX connectivity network.
Brokers will be able to seamlessly access Traiana's secure, dedicated, real-time give-up messaging system, Harmony, for equity CFD trades. Formerly known as "MBA Confirms.Info", the fully automated service reduces the capacity for human error and enhances the response time for the acceptance or rejection of the equity CFD confirmation give-up process, decreasing the cost and risk for all participants. Advanced automation, a full audit trail and intelligent data mapping ensure the transmission of accurate data, meaning that executing and prime brokers and their clients can benefit from increased operational efficiency and reduced operational risk. At the same time, the solution also enforces counterparty and client anonymity.
Simon McDowell, Managing Director - Connectivity, at Fidessa, said: "We continue to strive to meet the needs of our clients in the most effective way possible. With the addition of Traiana to our network we're pleased to be able to provide our global community of brokers with access to the comprehensive post-trade services available through Harmony Message Center."
Charles Day, Head of Global Equity Finance within the Derivatives Division at Daiwa Capital Markets in London, notes: "We are extremely committed to improving market discipline and delivering a high level of service to our customers. Industry-standard technologies such as Harmony play a critical role in automating the CFD give-up process to ensure the elimination of manual error and to improve operational efficiency. As clients of Fidessa, we're excited not just about the possibilities of connecting to the Harmony network for CFD give-ups but also about the opportunity to leverage full STP throughout the post-trade process lifecycle. Harmony plays a critical role in automating the CFD and swap give-up process".
The Japanese investment bank is one of the first clients to use Harmony Message Center for equity derivatives and now benefits from its secure, automated service.
Roy Saadon, Co-Founder, and General Manager of Harmony, says: "We're pleased to be working with Fidessa. The combination of Traiana's end-to-end post-trade solutions and Fidessa's trading systems, data and connectivity, will help to encourage the use of best-of-breed technology within the equity derivative, futures, cash equities and foreign exchange post-trade processing space."
Fidessa's connectivity network is one of the world's largest and most diverse trading communities, linking more than 2,400 buy-side institutions to more than 550 brokers across EMEA, Asia Pacific and the Americas. In the first half of 2010 Fidessa's network increased its traffic by 28 per cent and now carries executed order flow of around $700 billion each month.
Traiana Inc. provides global banks, broker/dealers, buy-side firms and e-trading platforms with solutions to automate post trade processing of financial transactions. Traiana's post-trade solutions and the Harmony Network are used by over 500 of the world's leading financial market participants and have become the market standard for post-trade processing of equity derivatives, equities, futures and foreign exchange transactions. Traiana, an ICAP company, is headquartered in New York City with offices in London, Chicago and Tel Aviv.
About Daiwa Capital Markets
Daiwa Capital Markets is the wholly-owned investment banking arm of Daiwa Securities Group. The award winning firm has more than 4,000 employees worldwide and provides integrated financial services including brokerage, derivatives, capital raising, IPOs, M&As and other creative financial solutions to clients through a network of more than 20 offices in Asia, the Middle East, Europe, North America and Asia. Daiwa Securities Group (www.daiwa-grp.jp/english) is one of the largest brokerage and banking groups in Japan and employs more than 16,000 professionals worldwide providing comprehensive financial services, including retail brokerage, investment banking and asset management.