TrueEx targets buy side with post-trade spin-off

New venture will offer average pricing for swaps starting in early 2016

Spin-off will offer TrueEx's post-trade services to clients that execute elsewhere

TrueEx is spinning off its post-trade processing services into a separate company.

The new company – called TruePTS – will work with buy-side firms to simplify and automate the process of clearing and reporting derivatives trades executed on swap execution facilities (Sefs).

"The existing process workflow is a spaghetti knot of different processes," says Sunil Hirani, chief executive of TrueEx. "The existing infrastructure in use today was designed and integrated pre-Dodd-Frank, pre-Sef, pre-cle

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