Uncleared OTC derivatives post-trade processing has a new player

Rick Steves

A recent platform trial conducted by Fragmos Chain in partnership with a consortium of six investment banks across Europe, Asia, and North America, has been deemed a success.

The Fragmos Chain platform addresses the needs of post-trade processing for uncleared over-the-counter (OTC) derivatives.

The solution matches and confirms a variety of complex equity and rates derivatives trades, including sophisticated multi-leg strategies and basket swaps, seamlessly integrated with comprehensive legal terms.

The trial, which took place in February and March 2024, had the banks leveraging the Fragmos Chain platform, which enabled the confirmation of trades within an average of 6 minutes and facilitated real-time collaboration.

Fragmos Chain claims to be the only CDM-native platform

Leveraging R3 Corda’s Distributed Ledger Technology (DLT) along with specific functionalities designed by Fragmos Chain, the platform adopts the Common Domain Model (CDM), initiated by the ISDA, that decisively resolved the longstanding issue of interoperability between disparate booking systems. Fragmos Chain claims to be the only CDM-native platform.

Throughout the trial, participants extensively explored and documented various aspects such as collaboration tools, advanced user interface capabilities, the matching process, and the platform’s use for buy-side firms. These insights will be invaluable as we move towards the go-live phase of the platform.

Daniel Ivanier, CEO of Fragmos Chain, said: “The successful trial illustrates how our platform can deliver significant efficiencies through automation, digitization, and a marked reduction in costs and risks. Our team is deeply proud of this achievement and eager to continue driving efficiency and innovation in the financial sector.”

“Fragmos Chain platform is easy to use and very effective for matching trades and events, even the complex ones”, noted a bank’s user as participants praised the platform’s ease of use and effectiveness in handling even the most complex OTC derivatives trades and events.

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