Post-trade processing firm Traiana has teamed up with technology provider Duco to offer a new service reconciling reference data from clearing houses, swap execution facilities (SEFs), futures commission merchants (FCMs), swap data repositories and buy-side firms ahead of mandatory trading on SEFs.
The service will let Traiana customers reconcile swathes of data to ensure they are not prevented from SEF trading by clerical errors in static data regarding clearing accounts, limits or SEF-trading identifiers, prior to the anticipated beginning of mandatory trading on the new platforms next month.
The service is currently being rolled out to all clients on Traiana’s Harmony CreditLink and CCP Connect customers for rates and credit default swaps.
“There will be a huge surge of clients moving into electronic trading, many for the first time, and the volume of data that the industry is dealing with during this shift to a new market structure is unprecedented,” said Nick Solinger, head of product strategy and chief marketing officer for Traiana.
“We are proactively investing resources to ensure that all clients are ready to trade when mandatory SEF trading goes live. Duco offers a powerful solution to reconcile this data,” Solinger added.
In a statement, Traiana said it was working with customers to manage reference data for over 10,0000 clearing accounts from 400 clearing clients and 15 FCMs.