Osttra Connects to Eurex Clearing
Posted by Colin Lambert. Last updated: January 19, 2023
Post-trade solution provider Osttra has unveiled connectivity to a second central counterparty, Eurex Clearing, providing users with visibility on their exchange-traded derivatives on Eurex.
The new connectivity will enable Eurex to send investment managers booking confirmations for their allocations via Osttra ClientLink for ETD, delivering live status updates on which trades have been given up, claimed and cleared.
CME has previously connected to the ClientLink for ETD service, which boasts “close to 200 market participants”. Osttra says real-time information on trade status is increasingly important in futures markets as more frequent volume spikes create bottlenecks in processing flows. It adds that a third CCP is close to completing connectivity to the network and more are lined up for delivery in 2023.
Osttra and Eurex have also worked on an additional project to enable clients to manage the Next Generation ETD Contracts currently under development by Eurex and scheduled to go live in March 2023.
“We are pleased to support vendors like Osttra to deliver much needed transparency to all parties on the trade,” says Melanie Weber, SVP derivatives clearing design, Eurex Clearing. “By receiving real-time updates, clients will be able to manage operational risk and capital more effectively throughout the trading day. In parallel to the ETD transformation initiative, Osttra and Eurex Clearing are aligned on the Next Generation ETD Contracts, which Eurex is implementing to allow more than one expiration per month under a single product ID, providing clients with additional flexibility.”
Joanna Davies, head of FX and securities, Osttra, adds, “The ETD industry needs greater visibility and efficiency as demonstrated by the ongoing commitment of industry participants to the FIA DMIST standards development. In the past, volumes would increase as a reaction to significant macroeconomic events. Now, every month, we are consistently seeing volume spikes, thus urgently increasing demand for a real-time solution that provides a window into every aspect of the give up and allocations workflow.
“The ability to support the entire ETD community with this new flexibility and transparency presents a huge leap in the evolution of both the ETD trade allocation process and the transformation of the ETD workflow,” she adds.