NEW YORK, March 16, 2016 /PRNewswire/ -- truePTS has
entered into an agreement with CME Group Inc. (NASDAQ: CME) to
integrate truePTS processing efficiencies with CME Group's
preferred global network of regulated trade repositories (TRs).
This agreement makes truePTS the first independent derivatives
post-trade service to provide a single trade reporting application
program interface (API) to meet obligations in the United States, European Union, Canada, Singapore, Australia, Hong
Kong and Japan.
The agreement between CME Group and truePTS simplifies global
reporting by integrating pre- and post-trade submission services.
This will deliver significant infrastructure and regulatory
submission cost savings to the growing truePTS community of
broker-dealers, asset managers, inter-dealer brokers, central
counterparty clearinghouses and other service providers.
"CME Group is committed to developing innovative solutions with
leading partners to meet industry participants' needs," said
Jonathan Thursby, Executive Director
and Head of GRS for CME Group. "By tightly integrating our services
with truePTS, we are now poised to more rapidly deliver tangible
cost savings to customers worldwide, as well as promote greater
efficiency and better tools to manage compliance within our
industry." CME Group's Global Repository Services support more than
1,500 clients and have already enabled the efficient reporting of
more than 270 million trades.
"This landmark agreement with CME Group provides an
eagerly-awaited opportunity to decrease regulatory reporting costs,
repairing many of the fractured and inefficient processes of legacy
providers," said Sunil Hirani,
interim CEO of truePTS. "In essence, it's an industry reboot of the
reporting process, for the benefit of both regulators and all
industry participants." truePTS was launched as an independent
post-trade service in December 2015,
separating from trueEX, the fastest-growing swap execution
facility.
To date, truePTS and its predecessor post-trade services have
already processed over $9 trillion in
notional value. truePTS provides straight-through processing,
allocations, average pricing (Q2 2016), status reporting and direct
queries to clearing houses. Access to the existing truePTS
services, as well as its new derivatives trade reporting service,
is available GUI or via API.
About truePTS
truePTS is a post-trade processing and
product-agnostic venue that delivers operational and processing
benefits for global derivatives to dealers, buy-side firms,
inter-dealer brokers, and clearing houses. Originally engineered as
the post-trade processing service by trueEX, the industry's fastest
growing swap execution facility, truePTS offers efficient
processing and allocation of very high volumes of trades with a 'no
touch' process that eliminates the need for trade affirmation while
providing an instant clearing status. truePTS has the ability to
retrieve and port positions between the major clearing houses and
FCMs. It currently provides full straight-through processing with
allocations support in 18 currencies and direct access to LCH and
CME.
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SOURCE trueEX