Press release
April 8, 2009
TriOptima eliminates $5.5 trillion in CDS notional in first quarter
TriOptima’s multilateral compression service, triReduce, eliminated $5.5 trillion in notional principal in the first three months of 2009. In a series of 12 compression cycles for US and European indices, tranches, ABX and emerging markets transactions, participants reduced even further the notional amounts outstanding.
“We have been pleased to support the dealers in their efforts to achieve significant reductions in CDS outstandings,” said Ulf Andersson, business manager for triReduce. “Out of the approximately $7 trillion in notional reduction reported to the NY Fed for first quarter 2009, triReduce compression cycles contributed $5.5 trillion. We continue to schedule cycles to meet the needs of our clients.”
In 2008 TriOptima offered 50 compression cycles in various credit default swap transaction types in USD, EUR and JPY which reduced outstandings by $30.2 trillion. It also offered 30 interest rate swap termination cycles in 19 currencies around the globe.
About TriOptima
TriOptima is the award-winning supplier of technology-leveraged post trade processing services including triReduce and triResolve.
triReduce, the portfolio compression service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 120 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 network community service for proactive portfolio reconciliation of OTC derivative portfolios. Used by global dealers, regional banks and buy-side firms, triResolve currently handles more than 75% of all OTC derivative transactions globally. The service benefits trade control, settlement, documentation, collateral and counterparty credit risk functions. Web-based, interactive, with advanced matching and reporting capabilities, the triResolve service reconciles all OTC derivative products, from plain vanilla to complex structures.
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, Global Head of 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