trade obligation routing
integrate regulatory rules for execution and clearing into front office decision making
What is trade obligation routing?
Regulations in the US and EU mandate some products for execution on a SEF in the US, or an MTF/ OTF in the EU. Mandatory clearing of some OTC trades is also required in most jurisdictions.
At the point of execution, it is vital that front office staff have this regulatory information integrated into their decision making.
Knowing how these rules constrain or support your execution decisions is essential pre-trade. The cleared price for an OTC trade will be different at each CCP and between cleared and uncleared routes.
Whilst compliance with regulations is a goal – choosing amongst the many options for the best economic outcome is also an opportunity.
To apply these rules needs knowledge of attributes of your firm itself, your existing portfolio, and the various rules defined by regulators and exchanges. This also needs to be instantly accessible from Pre-Trade decision tools as well as your execution platform.
US and EU rules for trading built-in
All rules defined by a Cassini data layer
Add your own custom rules
Mandatory clearing rules built-in for US, EU and other jurisdictions
Integrated into your pre-trade workflow
Apply the correct execution and clearing routing rules
Ensure regulatory compliance
Customize the rules to suit your firm
Focus on valid and available execution routes
Speed up execution pre-trade