Trayport(R) and MEFF Reach Agreement on Link to Allow Automated ClearingBy Trayport Limited, PRNE
Monday, April 4, 2011
LONDON, April 5, 2011 - Trayport, the leading provider of software to the European
commodity trading community, announced today that it has signed an agreement
with MEFF to develop a clearing link. This will integrate with MEFF POWER,
the MEFF CCP for energy products, offering real-time straight through
processing from its GlobalVision Broker Trading SystemsSM to MEFF's clearing
systems for processing transactions.
The MEFF POWER CCP service, which went live on 21 March, aims
to increase liquidity in the Spanish Power market, allowing more entities to
cross trade with others with whom they may not have credit lines.
GlobalVision Broker Trading system is widely used by market participants;
hence this agreement is an important step. GlobalVision will now connect to
MEFF's clearing systems directly. This will automate the OTC cleared trade
workflow, eliminating manual input errors and improving traders' day-to-day
operations by proving automatic clearing confirmations.
Fernando Centelles, MEFF CEO, said: "MEFF POWER is a service
of central counterparty clearing for the OTC market and is based on a model
where trades are agreed with the brokers and then the brokers submit the
trades to MEFF POWER for registration. The agreement with Trayport will
ensure the submission process is much faster, more reliable by STP, and more
comfortable for brokers and traders alike. We are very happy to have reached
to an agreement with Trayport to further develop the Spanish OTC power
"Trayport are proud to offer electronic submission of OTC energy trades
to MEFF's systems. Improving the OTC cleared model is crucial for the
evolution of the OTC Spanish energy market and our integration with MEFF will
ensure the process becomes far more automatic," said Louis Hems, Sales
Manager at Trayport.
For more information please contact: Trayport: Marcel Kay +44-207-960-5561 firstname.lastname@example.org
For more information please contact: Trayport: Marcel Kay, +44-207-960-5561, marcel.kay at trayport.com
Tags: April 5, London, Trayport Limited, United Kingdom