CME Group will integrate truePTS processing capabilities into CME Group’s network of regulated trade repositories under an agreement announced Wednesday at the 41st Annual International Futures Industry Conference in Boca Raton, Fla. Incorporating these capabilities enables truePTS to provide a single trade reporting application program interface to conform with obligations in the US, EU, Australia, Canada, Singapore, Hong Kong and Japan.
“CME Group is committed to developing innovative solutions with leading partners to meet industry participants’ needs,” said CME Group’s Jonathan Thursby. “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.”
The agreement also simplifies global reporting through the integration of pre- and post-trade submission services. The streamlining will create significant cost savings when it comes to regulatory submissions to broker-dealers, inter-dealer brokers, central counterparty clearinghouses, and asset managers.
CME Group’s Global Repository Services have garnered more than 1,500 clients, providing efficient reporting of 270 million-plus trades. Late last year, truePTS separated from the trueEX swap execution facility. To date, truePTS and its predecessor have processed in excess of $9 trillion in notional value.
“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, truePTS interim CEO. “In essence, it’s an industry reboot of the reporting process, for the benefit of both regulators and all industry participants.”
Contributing writer: John Davis