Rothera puts exchange-to-clearing reconciliation into production on Smartstream Air

Rothera has taken Smartstream’s Air into production across its exchange and clearing operations, replacing manual reconciliation with automated comparison of instrument and trade records. Smartstream announced the deployment on 6 October, naming the Cash and Data modules and two initial flows: Exchange-to-Clearing Instruments and Exchange-to-Clearing Trades.[1]

Smartstream says the system enables Rothera to reconcile approximately 1.7 million daily transactions. It reports less manual work, faster identification of discrepancies and an audit trail. That is the supplier’s account of the implementation; the transaction figure is not a disclosed count of unique executed trades or an independently measured processing benchmark.[1]

The venue’s identity has changed during the year. The CFTC’s current designated-contract-market record lists Rothera Exchange and Clearing LLC and records the January 2026 name change from LedgerX, which traded as MIAX Derivatives Exchange. The technology announcement concerns an existing designated venue’s operating infrastructure.[2]

Air’s product documentation describes the underlying task as matching records across internal systems and external counterparties, including trading platforms, ledgers, custodians and clearing houses. It identifies discrepancies and supports the workflow for resolving them.[3]

Matching is useful even when both systems report that they have processed a trade: their records still need to agree. Reconciliation supplies a structured way to investigate that disagreement and follow its resolution. The useful output is therefore more than a matched-record total; it includes the exceptions requiring an operations team’s attention.[3]

Rothera plans additional reconciliation flows as the rollout continues, building on the first two comparisons between its exchange and clearing records.[1]

Report an error or submit an update