'Break glass for stop': Traiana's single dealer kill switch
15 July 2014 London
Image: Shutterstock
Traiana is extending the scope of its CreditLink service to include a kill switch capability for single dealer platforms in foreign exchange (FX) trading.
The kill switch adds to the existing limit monitoring capabilities of CreditLink and will ensure that the risks associated with algorithmic and high frequency trading can be managed in real time.
Citi’s platform, Velocity, is the first single dealer to support the new capability.
Jill Sigelbaum, head of FX at Traiana, said: “The expansion of CreditLink’s kill switch to single dealer platforms improves risk management controls in the FX markets, bringing the bank trading portals into line with the capabilities we’ve built with the [Electronic Communication Networks].”
“By enabling prime brokers and their clients to monitor risk in real-time and take swift actions, the market will be further insulated from technology risks and the losses they can rapidly create.”
Bapi Maitra, global head of FX institutional e-commerce sales at Citi, said: “We at Citi have been very focused on enabling industry-wide solutions to reduce systemic risk and promote transparency.”
“The implementation of Traiana’s real-time risk management capability, including its kill switch, is a vital step in that direction. We are excited to partner with Traiana to take a leading role on these initiatives, and to provide best-in-class risk control solutions for our clients.”
The kill switch adds to the existing limit monitoring capabilities of CreditLink and will ensure that the risks associated with algorithmic and high frequency trading can be managed in real time.
Citi’s platform, Velocity, is the first single dealer to support the new capability.
Jill Sigelbaum, head of FX at Traiana, said: “The expansion of CreditLink’s kill switch to single dealer platforms improves risk management controls in the FX markets, bringing the bank trading portals into line with the capabilities we’ve built with the [Electronic Communication Networks].”
“By enabling prime brokers and their clients to monitor risk in real-time and take swift actions, the market will be further insulated from technology risks and the losses they can rapidly create.”
Bapi Maitra, global head of FX institutional e-commerce sales at Citi, said: “We at Citi have been very focused on enabling industry-wide solutions to reduce systemic risk and promote transparency.”
“The implementation of Traiana’s real-time risk management capability, including its kill switch, is a vital step in that direction. We are excited to partner with Traiana to take a leading role on these initiatives, and to provide best-in-class risk control solutions for our clients.”
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