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TraditionDATA adds TONAR-SOFR cross-currency basis swap data to alternative reference rate package

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TraditionDATA, the data and information services division of Compagnie Financière Tradition (Tradition), has added more depth to its alternative data set following Tradition’s execution of its first TONAR-SOFR cross-currency basis swap.

Tradition’s London Yen desk executed a Japanese Yen/Tokyo Overnight Average Rate (TONAR) vs US Dollar/Secured Overnight Fixing Rate (SOFR) cross-currency basis swap trade, which will be processed via LCH’s SwapAgent, a service for the non-cleared derivatives market.
 
This SwapAgent valued trade is the first interdealer broker managed cross-currency alternative reference rate (ARR) transaction which will serve as the future format for JPY-USD cross-currency swap transactions post-LIBOR.
 
The trade was transacted between two of the largest global banks and further highlights the ongoing desire from customers to have access to new products that will flow directly into the rapidly expanding TraditionData business.
 
As liquidity continues to build, TraditionDATA’s position as an independent global data provider means it can further improve the quality and depth of its data and analytics.
 
Jeffrey Maron, Global Head of Product at TraditionDATA, says: “The collection of data sourced from our independent global brokerage desks is vital to meeting our customers’ data requirements and supporting them through the LIBOR transition. We are committed to collecting additional datasets and building new products as part of our drive to support our diverse global customer base.”
 
Nathan Ondyak, Global Head of LCH SwapAgent, says: “This trade is an important step for the cross-currency swap market, as the industry continues to push forward with the transition to alternative reference rates. We are delighted to support Tradition as part of LCH SwapAgent continuing to provide new areas of the market with standardisation and efficiency to support trading activity in the bilateral derivatives market.”

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