OSTTRA Expands Cash PB Matching Service to Clear OTC Equities in Readiness for CSDR

Our Cash PB service, powered by Traiana, has expanded to support the clearing of OTC equities for Cash PB related trading activity. We have combined established Traiana services to create a centralised global hub for Executing Brokers (EBs) and Prime Brokers (PBs). Client affirmed trades can be matched on trade date and now EBs and PBs will also be able to send them for clearing or apply pre-settlement netting as part of a robust and automated workflow.

The service brings pioneering transparency and a streamlined booking approach, performing a T+0 pre-settlement match and facilitating a real-time trade break and exceptions management process for the trading activity between the EB and PB. Participants can benefit from increased certainty of settlement and therefore reduce the risk of CSDR penalties for hedge-fund-related OTC equities flow settled by PBs.

Following the initial match, our Cash PB service enables both EBs and PBs to optimise their settlement cost and risk profile by sending trades for central clearing in pan-European markets (via Equity CCP Connect), or to net trades pre-settlement for the remaining eligible global markets.

Benefits of our Cash PB Service may include:

  • Trade messaging and matching between EBs and PBs
  • Real-time exceptions management
  • Increased certainty of settlement in time for CSDR
  • Reduced cost of settlement and associated risks via clearing
  • Optimised bilateral settlement via netting service
  • Maximised cleared rates via an interoperable CCP model
  • Vendor Agnostic – non reliance on direct buyside adoption to capture 100% client volume


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