Developing new Back Office and clearing connectivity services for
Connection to CCPs, Swap Execution Facilities (SEFs) and Trade
Repositories will add another layer to an already complex and
sophisticated automated system, writes Frances Maguire.
All aspects of the FX trade life cycle, pre-trade, trade and
post-trade will be greatly impacted by the incoming regulations
for OTC instruments and the systems in place to support this
workflow, including telephone based trades, will need to be
reviewed. Most importantly, credit risk systems will need to
reflect changes in credit risk due to CCPs, while trade
processing systems will need to be enhanced and configured to
include OTC instruments for the newly established Trade
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