Press release
December 3, 2007
TriOptima’s new portfolio reconciliation service, triResolve, reaches 4 million
TriOptima, the award-winning provider of post trade processing services, today announced that more than 15 institutions were reconciling over 4 million OTC derivative transactions through triResolve, its portfolio reconciliation service. Launched earlier this year, triResolve has quickly become the industry standard for proactive portfolio reconciliations, with smaller dealers and hedge funds joining the largest OTC derivative dealers subscribing to TriOptima’s ground-breaking service.
“triResolve offers us the advantage of easy, automated reconciliations against some of our largest counterparties. We are able to identify and resolve discrepancies in both positions and valuations,” commented Chris Harris, Managing Director of Operations at KBC AIM, a global multi-strategy hedge fund manager with over $1 billion in assets under management.
While all triResolve subscribers utilize the automated, web-based service to reconcile with each other on a weekly or bi-weekly basis, some also regularly submit portfolios of 100 or more non-subscribing counterparties as an alternative to manual spread sheet analysis. Portfolios regularly submitted to triResolve typically achieve very high automatch levels, allowing institutions to focus exclusively on exceptions in their collateral management process.
Collateralization of OTC derivative portfolios is a major risk mitigation technique for substantially reducing credit risk and managing counterparty credit exposure. Accurate portfolio reconciliation is the foundation for collateral management.
“In periods of market turbulence like we have experienced recently, triResolve provides precise information about the status of counterparty portfolios for easy resolution of collateral management issues,” commented Henrik Nilsson, Head of Business Development. “Information from the service allows counterparties to zero in on specific areas of dispute, whether it be trade population or valuation related, quickly and efficiently.”
triResolve transforms portfolio reconciliation into a proactive process. Its unique network community approach facilitates close collaboration between institutions and internally within an institution. Regular, ongoing triResolve reconciliations reduce collateral disputes, operational costs, and errors in credit exposure calculation. triResolve can be used to reconcile against all OTC derivatives users including dealers, hedge funds and fund managers.
triResolve is a web-based service where participants submit their entire bi-lateral portfolios comprised of all OTC derivative transactions covered under their collateral agreements. Portfolios are compared and the results of the match are immediately available on the triResolve website showing all trade details and valuations.
Counterparties research and resolve their differences online through the innovative triResolve GUI. triResolve maintains previous data submissions and matches, so that only incremental discrepancies need to be addressed. Extensive management reporting capabilities provide senior management with the tools they need to monitor progress and identify hotspots.
About TriOptima
TriOptima is the award-winning supplier of technology-leveraged post trade processing services including triReduce and triResolve.
triReduce, the multilateral early termination service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 100 bank and non-bank subscribers worldwide including the major local and global dealers in derivatives, triReduce is a critical tool for maintaining post trade processing efficiency.
triResolve is a proactive portfolio reconciliation service that serves collateral management and operations in all types of firms with an OTC derivatives portfolio. Web-based, interactive, with advanced matching capabilities, the triResolve service reconciles the entire range of OTC derivatives transactions covered under a collateral agreement such as the ISDA CSA.
TriOptima maintains offices in Stockholm, London, New York, and Singapore. TriOptima is a privately-held company owned by its employees and directors with a significant minority interest held by ICAP plc.
For further information please contact:
Susan Hinko, Managing Director, Industry Relations
Tel: + 1 646 744 0410
susan.hinko@trioptima.com
Meredith Sledd Lindquist, Global Head of Marketing
Tel: +46 8545 25 664
meredith.sledd.lindquist@triopima.com
Andrew Marshall, Fishburn Hedges
Tel: +44 20 7
andrew.marshall@fishburn-hedges.co.uk