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Tradition brokers AUD/USD swap trade using LCH SwapAgent

Tradition, one of the world’s largest interdealer brokers in over-the-counter commodity and financial products, has facilitated the first, brokered AUD/USD cross-currency swap trade using LCH SwapAgent.

The AUD/USD trade was executed between Mitsubishi UFJ Financial Group (MUFG) and another counterparty on 20 November 2019. Tradition’s global presence, market knowledge and connectivity ensured it was the ideal partner to facilitate this trade.

SwapAgent is a service designed to simplify the processing, margining and settlement of non-cleared derivatives. It benefits from LCH’s expertise in serving and managing risk for the cleared Rates and FX derivatives market.

Nathan Ondyak, Global Head of LCH SwapAgent, comments: “Since launching in 2017, customers trading non-cleared derivatives have utilised SwapAgent to gain many of the efficiencies that they have become accustomed to in the cleared market. We are delighted to welcome MUFG as one of our newest members to the service. The completion of the first brokered AUD/USD trade between bilateral counterparties using SwapAgent is an important milestone for participants trading cross-currency swaps.”

Amit Kantaria, Director in the Rates Trading Group at MUFG, EMEA, added: “MUFG is pleased to have been able to participate in the first brokered AUD/USD cross currency swap through SwapAgent. We believe that this is the first step towards an exciting future, and look forward to this evolution of the uncleared derivatives market.”

Mike Hayter, Manager of the cross-currencies broking desk at Tradition, comments: “Tradition is delighted to facilitate the first, brokered bilateral AUD/USD swap trade using LCH SwapAgent. This is a crucial service that improves standardisation, introduces efficiency and reduces operational and credit risk counterparties in the non-cleared derivatives market.”

TraditionDATA named Best Market Data Newcomer at Inside Market Data Awards 2019

TraditionDATA has been named ‘Best Market Data Newcomer’ at the Inside Market Data Awards, which took place on 21st May in New York.

Hosted by Inside Market Data and Inside Reference Data, these awards recognize industry excellence within market data, reference data and enterprise data management.

TraditionDATA was set up following a comprehensive re-structuring of Tradition’s market data business. The new executive team, led by Scott Fitzpatrick, re-branded and relaunched the business, transformed its pricing model and added new product packages, making it easier for clients to consume data.

Its new modular data consumption model offers flexible data packages tailored to individual requirements, ensuring clients only pay for the specific data they need. This is in direct contrast to the majority of data vendors, and avoids the complex process of unbundling, analysing and extracting valuable data points.

Scott Fitzpatrick, Head of TraditionDATA, comments: “It’s great to receive recognition for the work we have done to revamp Tradition’s market data offering. We have worked hard over the last 12 months on building out our global team, modifying our approach to pricing and packaging of data products, modernizing the relationships we have with data vendors, developing our direct-to-market technology and adding new and improved data to our product offerings.

“Looking ahead, we have a clear strategy and I’m fully committed to further enhancing our brand and providing our clients with high quality data.”