Summit, New Jersey, January 28, 2014 — TeraExchange, a multi-asset class swap execution facility, announced today that it is certified and live with a connection to Traiana CreditLink. This provides TeraExchange market participants’ clearing members with the choice of using TeraCheck, its proprietary pre-trade credit engine, or Traiana CreditLink to manage real-time trading and clearing limits, and by doing so ensure compliance with the CFTC clearing mandate.
TeraExchange is the industry’s first and only multi-asset class central limit order book with an all-to-all platform across interest rate, credit and foreign exchange (FX) derivatives for all clearable swaps contracts. It also incorporates “directed orders” within the order book, request-for-quote (RFQ) and request-for-market (RFM) trading protocols.
TeraCheck and Traiana CreditLink allow market participants’ clearing members to pre-screen orders to trade swaps prior to execution in low latency, providing certainty of clearing acceptance by their clearing members at the time of execution. TeraCheck also enables TeraExchange clients to independently set detailed trading risk limits, and integrates seamlessly with in-house and external credit hub systems. In addition, TeraExchange has licensed its execution management system, TeraDirect, to Traiana for use in its product research and testing.
“It has always been mission-critical for TeraExchange to provide controls for risk taking in our marketplace. Repeatable and dependable risk procedures and protocols create firm and deep markets. Through TeraCheck and our partnership with Traiana we provide clearing members and market participants even more flexibility in achieving those goals,” said Christian Martin, CEO of TeraExchange.
“TeraExchange is a welcome addition to the Traiana network,” said Nick Solinger, Head of Product Strategy and Chief Marketing Officer at Traiana. “For over a year, we have been building Traiana CreditLink for the swaps industry so participants trading on SEFs would be compliant with new CFTC regulations.”
TeraExchange is a CFTC registered Swap Execution Facility (SEF) offering market participants a platform for trading all Interest Rate Swaps, Credit Default Swap Indices, Equity Swaps, and FX NDF’s.
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TeraExchange is a swap execution facility offering market participants an anonymous, multi-asset class central limit order book (CLOB) for OTC derivatives, as well as “directed orders” within the order book, request-for-quote (RFQ) and request-for-market (RFM) trading protocols. TeraExchange offers trading in interest rate swaps, credit default swaps, and FX/NDFs, and has clearing agreements in place with CME Group, LCH.Clearnet and ICE.
With benchmark and bespoke instruments listed, TeraExchange enables participants to initiate, hedge, consolidate or terminate a diverse set of risk positions. TeraExchange also offers institutional investors a direct-to-dealer (or request-for-quote) trading protocol, compression and unwind services for full life-cycle management.
In addition to its core trading platform, TeraExchange offers two other trading tools for institutional investors. TeraDirect is a front-end execution management system that provides real-time pricing from a range of execution venues, as well as other tools needed to trade on TeraExchange. TeraCheck is a proprietary pre-trade credit risk management engine for market participants, including futures commission merchants (FCMs). TeraCheck integrates seamlessly with in-house and external credit hub systems. Participants may also connect to TeraExchange via FIX, FAST, FpML and other protocols.
Traiana, Inc. (www.traiana.com) 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. Traiana’s solutions and the Harmony Network have become the market standard for post-trade processing of foreign exchange, exchange traded derivatives, fixed income, CDS and synthetic and cash equity transactions. Traiana, an ICAP company, is headquartered in New York City with offices in Chicago, Hong Kong, London, Singapore, Tel Aviv and Tokyo.
CreditLink provides trading platforms, clearers/prime brokers, executing banks and buy-side firms the ability to monitor and manage pre- and post-trade credit in real-time across multiple trading venues in a consolidated view. CreditLink supports all trading models across FX, exchange traded derivatives, CDS and fixed income and serves hundreds of buyside, broker, prime-brokers and trading venues.
For more information, contact:
Paragon Public Relations
Paragon Public Relations