Orange Amps Up TCSnet for Dodd-Frank Compliance

Orange Business Services - Trading Solutions has announced the upgrade of its financial extranet, TCSnet, to comply with US Dodd-Frank Act regulatory mandates.

As part of the extension, interdealer broker Tradition's Trad-X platform will be made available on the network. A complete audit trail, as well as increased transparency and execution efficiency are part of the upgrades. Trad-X is widely used for over-the-counter (OTC) derivatives trading, which is being extensively affected by Dodd-Frank with the establishment of swap execution facilities (SEFs) for the centralized trading of standardized contracts.

"Organisations are seeking the best connectivity experience to achieve business transformation in line with new directives such as the Markets in Financial Instruments Directive (Mifid) and Dodd-Frank and one of the major pressures from regulators is to achieve more transparency of operations. This is pushing our interdealer broker community to trade via SEFs supported by our network instead of trading swaps by voice," says Lionel Grosclaude, CEO at Orange Business Services - Trading Solutions. "We were the first provider to launch a post-Mifid network to help the industry meet regulatory challenges. Our low latency, trading dedicated network which is optimised for performance provides the right capabilities to offer our customers fast access to the entire financial community whenever and wherever they need to trade."

One of the major pressures from regulators is to achieve more transparency of operations. This is pushing our interdealer broker community to trade via SEFs supported by our network instead of trading swaps by voice.