Pre-trade risk and post-trade services firm, Triana, has added two new banks on its Harmony CPP Connect for Equities Platform. The firm announced that Barclays and UBS have signed onto the platform which will help them automate their matching and central clearing of their OTC equity contract for difference trades (CFD).
The addition of Barclays and UBS to the platform will bring a tremendous boost to the volume of trades we are able to net and a corresponding saving for all active market participants, not just the two new brokers, says Laura Craft, Director of Product Strategy for Equity & Fixed Income at Traiana.
She added, By netting trading activity, executing brokers and prime brokers benefit from reduced ticket volumes and a corresponding reduction in settlement costs and risks.
Triana says overall savings in the equities market can be as high as $30 million per year. This is the result of a combination of effects including reduced volume of trades requiring bilateral settlement, reduced fail trades and reduced borrowing, funding and margin costs as a result of decreased settlement volumes.
Based in New York, Traiana, provides global banks, broker/dealers, buy-side firms and trading platforms with services to monitor pre- trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets.