Post-trade solutions company OSTTRA is to launch OSTTRA Trade Processing for Repos, in an effort to increase repo efficiency for the global market.
The new service will establish a set of industry standard electronic workflows for repo trade confirmation and lifecycle event management, built on MarkitWire’s global network. The platform is expected to go live in Q3 2022.
With the interest rate and repo markets coming closer together as a result of the transition to risk free rates, OSTTRA aims to harmonise the post-trade processing of both asset classes.
By creating a legally confirmed record, updated through the trade lifecycle, the service intends to meet growing regulatory demands to increase settlement efficiency, minimise the need for reconciliation, and reduce trade confirmation processing times.
OSTTRA was formed in 2021 through the merging of MarkitServ, Traiana, TriOptima and Reset.
Testing of the OSTTRA Trade Processing for Repos is underway with more than 10 firms, including global banks, brokers and investment managers.
Peter Altero, head of rates business development at OSTTRA says: “The introduction of new regulatory mandates has focused our customers’ attention on repo post-trade workflows, which have been slow to evolve.
“Following broad engagement via our industry working groups, we are leveraging our established MarkitWire platform and global community of more than 2,000 firms to transform the repo post-trade lifecycle, delivering a real reduction in cost and risk.”
