Traiana, a post-trade solutions supplier owned by interdealer broker ICAP, has extended its Harmony network's contract-for-difference (CFD) equity swap service for use by long-only buy-side firms and hedge funds.
Harmony is used by twelve of the world's largest equity swap counterparties and over 60 executing brokers.
Working together with these sell-side firms, which are counterparties to large buy-side firms, Harmony can automate the CFD equity swap lifecycle including trade give-ups, client-to-broker allocations and the client-to-bank swap confirmation processes.
It provides a client service solution for banks to extend to their customers, offering reduced cost, complexity and operational risk.
Roy Saadon, co-founder and general manager of Harmony, Traiana, said, “We are grateful for the partnership of these sell- and buy-side firms in developing and growing our network, and are excited about the pace of its growth.”
With the addition of CFD equity swap capability, Harmony now provides buy-side firms and their banks a cross-asset post-trade solution for FX and FX derivatives, exchange-traded derivatives, CFD equity swaps and cash equities, including trade notifications, affirmations, give-ups, allocations, and confirmations.
Traiana's Harmony network connects more than 500 global firms including major banks, prime brokers, buy-side firms, trading venues and technology partners.