trueEX has just created a new trade processing service.
The swap execution facility firm announced it has separated its processing services from its derivatives trade execution platform and created a new entity, truePTS.
truePTS now offers allocations, instant status notification and other processing capabilities to all dealers, buy-side firms, clearing firms, inter-dealer brokers, and clearing houses, and not just clients of the trueEX swap execution facility.
According to the firm, truePTS is completely independent of execution venue or product, and a completely separate legal entity.
In a release, trueEx said the decision to establish a discrete legal entity for its post-trade business was a response to the demand for more efficient, cost-effective, and independent post-trade solutions.
There is a fundamental need to simplify and rationalize the operational mess that is swaps processing, said Sunil Hirani, CEO of trueEX. Most of the infrastructure that is in use today was designed and built prior to Dodd-Frank, before the need for pre-trade credit approvals and the existence of directly connected solutions such as truePTS.”
The truePTS service is execution venue and product-agnostic, and delivers many valuable operational and processing benefits, including:
* Efficient processing and allocation of very high volumes of trades with a no touch process that eliminates the need for trade affirmation while providing an instant clearing status;
* A complete service for the dealer-to-client (D2C) or inter-dealer markets, available via GUI or API for all voice or electronic trades, irrespective of order type;
* Ability to retrieve and port positions between the major clearing houses and FCMs
Among its planned enhancements, truePTS will also offer end-of-day average pricing in the first half of 2016.
truePTS will provide full straight-through processing with allocations support in 18 currencies and direct access to both LCH and CME.
