Press release
July 16, 2009
TriOptima terminates KRW interest rate swaps with a notional of KRW 317 trillion ($250 billion USD) with 13 institutions participating *
TriOptima conducted its second triReduce Korean Won (KRW) interest rate swap compression cycle in June more than doubling the reduction in notional principal to KRW 317 trillion (double counted) from 136 trillion KRW in December 2008. Participating institutions also increased to 13 from 7, including the first Korean bank.
“We are very pleased that we have seen such a significant increase in participants, including the first Korean bank, as well as notional eliminated. Terminating these transactions offers major benefits including reduction in risk-weighted assets, deflating balance sheets, and reducing counterparty credit exposure,” commented Peter Weibel, CEO of TriOptima Asia. “We appreciate the local support we’ve received which enabled us to build on our earlier success; and we anticipate offering regular KRW compression cycles in the future.”
TriOptima offers its triReduce IRS compression cycles in 21 currencies to meet the expanded demand for its multilateral termination service, triReduce. With 19 interest rate swap compression cycles already completed in the first half of 2009 and 21 scheduled for the second half, TriOptima is responding to the interest of its subscribers in managing credit and operational risk exposures.
*all notionals are double counted
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 135 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. triReduce offers compression cycles in single name and index CDS swaps worldwide, IRS swaps in 21 currencies and a range of energy derivatives.
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 70-75% of all non-cleared 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, Singapore, and Tokyo. 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