Deutsche Bank, AIG Trading and JPMorganChase To Collaborate On FX Prime Brokerage
Leading foreign exchange prime brokers JPMorganChase, Deutsche Bank and AIG Trading Group have announced a collaborative effort to dramatically streamline foreign exchange trades. The collaboration will, according to the firms involved, improve upon and replace manual processes used by executing brokers to ‘give up’ trades to prime brokers. Using a new online service from Traiana, the move will allow the firms to integrate systems using a secure, shared, Internet-based service, eliminating manual processes which slow trade booking and introduce errors. Institutional clients of the three firms are expected to benefit from increased efficiency from straight-through processing for all FX prime brokerage trades and real-time access to trade information. The Traiana Harmony service will be employed to integrate their foreign exchange prime brokerage systems with each company’s FX trading systems, eliminating the need to re-key give up trades into a dealing system.