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Traiana Supports EMIR Reporting with a Management Solution for Unique Trade Identifiers

Traiana has started to onboard customers of its Unique Trade Identifier (UTI) management solution with a view to helping them meet the February 12, 2014 reporting deadline for European Market Infrastructure Regulation, which requires both sides of a trade to report using the same trade identifier.

The UTI management service is an extension of Traiana’s TR Connect trade reporting solution and is expected to be used not only by existing customers, but also by new customers and customers of the company’s bank customers. The service is designed to help firms cut through the complexity caused by different jurisdictions creating their own UTI methodologies and supports the exchange of UTIs between counterparties, allowing both parties to a trade to report to the same trade repository or to different trade repositories using a common trade identifier.

The solution uses Traiana’s Harmony network to gather UTIs in different formats from banks, normalises the data and publishes the UTIs to counterparties in a format of their choice, in real time or batch mode, giving them a consolidated view of UTIs for reporting. The service can also repurpose UTIs banks have used when reporting to trade repositories and distribute them to clients for counterparty reporting.

Taking the service a step further, reporting to a trade repository can be carried out on behalf of a client as the service can hold UTIs issued by a bank in Harmony and combine these with basic trade economics from the client to make a report. The company also offers a managed service that uses a bank’s trade economics to generate UTIs for the bank.

Steve French, director of product strategy at Traiana, comments: “We are experiencing a lot of interest in the UTI management service and are on boarding customers that need to be ready for EMIR reporting.” As well as complying with EMIR, banks must follow guidelines issued for the use of UTIs by regulators in Asia Pacific including the Honk Kong Monetary Authority, the Monetary Authority of Singapore, the Japanese Financial Services Agency and the Australian Securities and Investments Commission. French says Traiana is working with banks in the region to make sure they are compliant with the regulators’ reporting requirements. The company is also up to speed with the reporting requirements of the US Commodity Futures Trading Commission that include UTI equivalent Unique Swap Identifiers that are mandated in the Dodd Frank legislation.

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