FEATURE
risk and settlement systems that can take many minutes, or even hours, to reflect the reality of the market. “To get a real insight into your trading activity, you need to combine data across venues in real time to get a live view of flow and exposure across your trading operation.”
Firms will need a flexible framework that allows them to route trades to CCPs and trade repositories using configurable rule sets. Although NDF clearing will be mandated, Kriskinans believes that some clients may also choose to clear other non-mandated products such as FX forwards and swaps through a CCP for efficiency or cost reasons. For this reason, DealHub allows firms to define rules that will cater for any combination of clearing and routing requirements.
CCPs will typically offer gross limits to their clearing members while clearing members who offer clearing services to their clients will need to manage their clients on a net margin limit basis. DealHub can help with this also, providing a comprehensive margin management solution that is fully integrated with the core system.
Kriskinans says: “As a middleware provider, we are spending a great deal of time ensuring that our client’s software now supports not only the interfaces to new CCPs and trade repositories, but also the myriad new static data codes and deal references that are required to route trades to various destinations and manage the subsequent workflow. Tese include new Legal Entity Identifiers (LEI), Product Identifiers and Universal Swap Identifiers (USI). New codes are required to enable effective aggregation of data for regulators and also to route trades to CCPs as each CCP will have its own unique set of identifiers for counterparties, exchanges, products etc.”
Final thoughts
Whether by partnering with an IT vendor, outsourcing or using an ASP to take complexity out of the FX back office, it is clear that the new approach to streamlining the FX back office will have a positive impact across the entire industry, where once there were bottlenecks and problems with keeping up with spiralling ticket volumes.
And as the finer points of the new regulations are still being hammered out, partnering with a vendor or outsourcer, will remove much of the burden from the firms themselves.
52 | april 2012 e-FOREX
Lars Holst
ProTrader2 - bringing a
fresh perspective to the fast evolving FX market
Lars Holst, CEO of CFH Markets, talks about how the FX market is evolving and in what ways the new ProTrader 2 platform has been designed to improve the overall trading experience for the company’s clients.
As FX continues to grow new electronic trading platforms are being deployed all the time to meet the needs of different market participants. How is CFH Markets helping your clients to stand out in this crowded marketplace?
Te most important thing is that we listen to our clients. ProTrader2 is the GUI component of a much wider offering. Even though the GUI is a very important component - very often it is the door opener and “teaser”- we always take a holistic approach when we talk to our clients; we look at complete solutions rather than individual components. We work with
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