CME Group fintech units BrokerTec and TriOptima announced today that they have collaborated to deliver the trading industry’s first end-to-end repo workflow solution. This provides full automation across the lifecycle of a repo trade.
BrokerTec is a leading provider of electronic trading platforms and technology services in fixed income markets, while TriOptima is a leading infrastructure service that lowers costs and mitigates risk in OTC derivatives markets.
The companies said that connecting the BrokerTec Quote dealer-to-client Request for Quote (RFQ) trading platform withTriOptima’s triResolve enables clients to enrich a trade from the point of execution with a unique trade identifier (UTI), before sending it for reconciliation. This means firms can more easily track and correct any back-office trade and evaluation mismatches in client systems, before reporting the trade data to the repository.
“Inefficient repo workflows have long been an operational burden for the buy-side,” said Kate Karimson, Head of Fixed Income Product, Europe, BrokerTec. “Creating an end-to-end automated repo workflow solution replaces previously manual processes and frees up internal resources to put to work elsewhere.”
BrokerTec Quote launched in the second quarter of 2019 and provides 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.
BrokerTec noted that it intends to expand the service to US Treasuries and other product sectors in Q3 2020.