OTC derivatives matching service links SGX, CME

The following is a press release from Thomson Reuters...

New York, London - Thomson Reuters announced today that its new global trade confirmation service, Thomson Reuters Trade Confirmation, is now connected to Singapore Exchange (SGX) and CME Clearing.

Thomson Reuters Trade Confirmation provides financial institutions with a consistent and efficient matching service that enables the legal confirmation of trades and the submission of trade details to clearing houses, trade repositories and regulators in real-time. The service enables institutions to legally match confirmation details and route to multiple CCPs through a single connection, providing complete straight-through processing in preparation for future regulation surrounding the need for centralised clearing for OTC-traded instruments.

Mr Muthukrishnan Ramaswami, President of Singapore Exchange, said, “Following our successful launch of central clearing for interest rate derivatives on 15 November, we are pleased to be working with Thomson Reuters to expand our clearing service to Asian FX Forwards. Banks are continuing to see benefits in using SGX’s central counterparty clearing services to reduce counterparty risk and facilitate their business growth.”

Roger Rutherford, CME Group’s Managing Director of FX products, said, “CME Group continues to enhance our clearing solution for the OTC FX market, both interbank and client, and will continue working closely with participants from all areas of the FX industry. We’ve recently launched our OTC clearing service for FX and will be continuing to launch new products throughout the year. Having Thomson Reuters Trade Confirmation connect to CME Clearing gives our customers access to an established post-trade community in the FX markets.”

Trade Confirmation extends Thomson Reuters suite of post-trade solutions, including Thomson Reuters Trade Notification and Thomson Reuters Deal Tracker, and therefore benefits from the Company’s extensive post-trade network, currently servicing more than 500 institutions across 70 countries world-wide. Initially focusing on Non-Deliverable Forwards (NDFs) and FX Options, the new service is asset-class, central counterparty and trade repository agnostic. Customers can connect electronically or manually via deal-entry screens to legally confirm and route trades to the central counterparty of their choice. They can also process, monitor and analyze trade status in real-time, meeting compliance needs.

Rich Kiel, Global Head of Post Trade Services at Thomson Reuters said, “We are delighted that the Singapore Exchange and CME Group are connected to Thomson Reuters Trade Confirmation. SGX has worked with us from the very beginning and has been instrumental in the development of this service. Our collaboration with them and with other market participants such as CME Group ensures we now provide a service of significant value in this time of changing regulation.”

Thomson Reuters Trade Confirmation will be demonstrated today by Thomson Reuters at ACI World Congress in Budapest, Hungary.

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