BrokerTec and TriOptima partner on buy-side repo workflow solution
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BrokerTec and TriOptima partner on buy-side repo workflow solution 01 June 2020New York Reporter: Drew Nicol
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BrokerTec and TriOptima are collaborating to deliver the market鈥檚 first end-to-end repo workflow solution, aimed at providing mutual buy-side clients with automation across the lifecycle of a transaction.
The partnership between the two CME Group subsidiaries will connect BrokerTec Quote, the request-for-quote trading platform, with TriOptima鈥檚 triResolve to provide a straight-through processing link for users to better manage repo transaction data.
In a statement on the deal, the firms say they aim to tackle the inefficient repo workflows that are responsible for a significant operational burden for the buy-side.
The new link between BrokerTec鈥檚 trade execution platform and TriOptima鈥檚 reconciliation platform will create full automation across the lifecycle of a repo trade, they say.
The combination of these global data services has been finalised in time to allow clients to leverage the solution to ease the reporting burden due to come with the Securities Financing Transactions Regulation (SFTR) in July.
This includes enabling clients to enrich a trade from the point of execution with a unique trade identifier, before sending it for reconciliation.
The firms say clients will be able to more easily track and correct any back-office trade and evaluation mismatches in client systems, before reporting the trade data to the repository.
Raf Pritchard, head of triResolve at TriOptima, tells SLT that there is a lot of value in being able to cross-reference with other electronic records, such as that of BrokerTec, to improve reconciliation services.
Previously, triResolve forged links with DTCC to leverage similar synergies in the over-the-counter derivatives space, which is where triResolve began before moving expanding into the repo space.
Through that partnership, triResolve collates the data reported to the DTCC鈥檚 Global Trade Repository GTR and the data within a client鈥檚 internal system.
Pritchard explains that triResolve鈥檚 original derivates product suite was aimed at banks, but it has since evolved to have a predominantly buy-side client base.
BrokerTec Quote launched in Q2 2019 with the mission of offering market participants with a more intuitive and efficient means of trading repo across European sovereign debt, UK gilts, general collateral, supranational and agencies in the EU 27.
Going forward, BrokerTec intends to expand the service to US treasuries and other product sectors in Q3 2020.
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