Innovative Post-Trade Services for CDS Affirmation, Novation and Clearing

Link is a post-trade connectivity and middleware application for the credit default swaps (CDS) market. The app provides industry participants with electronic workflow and connectivity to real-time clearing, minimizing operational risk and cost while helping participants meet new regulatory clearing requirements.

Highlights of Link

  • Most widely adopted CDS trade workflow and connectivity provider
  • Connectivity to more than 800 buy-side institutions, 26 sell-side dealers and 12 prime brokers
  • Full support for CDS transactions through a single user interface or API

Link Features:

Central Clearing

  • New trade clearing affirmation, allocation and clearing house submission
  • Clearing house margin calculators
  • Clearing reports (e.g., margin, cleared positions, netting reports, etc.)
  • Specialized clearing workflows (e.g. transfers, back-loads, netting, multi-clearing broker, fallback, etc)
  • Real-time clearing of CP-to-CP trades (A=C and C=C+)

Trade Intermediation

  • Clearing broker and prime broker intermediation consent
  • Allocation processing with clearing / prime brokers
  • Prime broker step-out / stay-in novations
  • Prime broker adoptions / backfill and conversions
  • Fund-to-fund transfer of prime brokered trades

Novation Consent

  • The first and leading Novation Consent equals Confirmation solution
  • Electronic, transparent, and auditable process that fully complies with industry standards
  • Flexible integration options that enable institutions to fully automate their roles in the novation process
  • Real-time position management

Auto-Affirmation & Integration

  • Automated, exception-based processing combined and full benefits of straight-through processing to greatly reduce operational risk and cost
  • Connections to numerous swap exchange facilities (E-Trade and IDB Platforms), order management systems and third-party fund administrators
  • Full integration with swap data repository and price dissemination platforms for simplified support of regulatory reporting obligations

Regulatory Reporting to Swap Data or Trade Repositories

  • A no-work regulatory reporting solution for Link customers that uses existing CDS workflow
  • Supports ESMA requirements for EMIR regulatory reporting to a trade repository
  • Supports CFTC requirements for Dodd Frank regulatory reporting to a swap data repository

Global Customer Service

  • Market-leading customer service, including a highly responsive help desk, training, product management, CDS expertise and integration services
  • Customer service and integration teams who work with customers from day one to ensure smooth adoption of the Link app

Link Fact Sheet

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Link Resources