Volante Technologies, a provider of integrated financial data solution, has released two offerings to help market participants adapt to new US and European swaps rules.
Volante’s new OTC Connect software product offers cross-asset class connectivity and facilitates communication of data across firms’ back-office systems and third parties.
The software has been designed to help firms meet market structure changes to OTC derivatives trading under the Dodd-Frank Act in the US and the European market infrastructure regulation (EMIR) in Europe. Both sets of rules seek to push OTC derivatives trading on to exchange-like platforms and mandate clearing through central counterparties (CCPs).
Complying with the new rules is an area of focus for buy- and sell-side firms as they look to establish links to swap execution facilities (SEFs) and CCPs. OTC Connect seeks to reduce the costs and operational risks associated with these links through a flexible approach to handling financial messages.
Another Volante initiative designed to help market participants meet the new rules is its v-Derivatives programme, which allows market vendors to build extensions that link to Volante’s suite of messaging tools.
These are designed specifically to meet new affirmation, confirmation and settlement requirements for SEFs, CCPs and swaps data repositories.
“As messaging becomes an integral part to enabling market information and data flows, effective solutions are required that reduce operational risk, improve time to market, ensure firms are compliant and help achieve cost reduction to increase straight-through-processing rates across new market practices,” said Vijay Oddiraju, CEO, Volante. “With the integration and business function skills of selected specialists, we anticipate that OTC-Connect and our ‘v’ programme will be timely and valuable contributions to the solution mix available to the market.”