truePTS Advances Regulatory Reporting for Derivatives

Agreement with CME Group to Harmonize and Lower Cost of Derivatives Reporting

16 Mar, 2016, 09:00 ET from trueEX

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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