FIA Tech improves TDN’s resilience against systemic outages

Rick Steves

“Working with our clearing firms and connected exchanges, we hope to provide comprehensive solutions for resilience against systemic outages in the future. We look forward to working with the industry on best practices to further mitigate risk.”

FIA Tech has announced enhancements to its Trade Data Network (TDN) to support the operational resiliency needs of clearing firms on the platform.

Firms utilizing the Trade Data Network can now securely replicate and store all trading activity at any exchange connected to TDN, in support of a quicker recovery in the event of a systemic outage such as a cyberattack or technology failure.

The futures industry technology provider successfully completed a stress test this past week, demonstrating the ability to securely capture and replay five trading days of activity in under four hours for all existing clearing firms using the platform.

TDN provides a shared ledger of trading information

Nick Solinger, President and CEO of FIA Tech, said: “We designed TDN to scale to the global needs of clearing firms and their clients, and are pleased to reach this significant technical milestone. Working with our clearing firms and connected exchanges, we hope to provide comprehensive solutions for resilience against systemic outages in the future. We look forward to working with the industry on best practices to further mitigate risk.”

The Trade Data Network is an initiative to provide a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing.

The TDN initiative currently includes 16 banks/brokers and over 40 investment managers and hedge funds with combined assets under management of over $37 trillion.

The initial rollout of TDN is focused on allocation processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and the clearinghouse on each trade. Adding capability and scalability to support the operational resiliency needs of firms was a natural extension of the platform.

Last week, FIA shareholders Bank of America, Barclays, Citi, Goldman Sachs, JPMorgan, Wells Fargo, and BNP Paribas shelled out $25.4 million to accelerate the development of the Trade Data Network (TDN).

The post-trade service for exchange-traded derivatives that leverages a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing is also expected to help reduce clearing delays for brokers and overall costs.

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