Press release
September 2, 2009
TriOptima completes first triReduce swap termination cycle for TWD eliminating 14, 140 transactions with a notional value of $194 billion USD*
TriOptima announced that 15 institutions had completed the first ever triReduce termination cycle in TWD interest rate swaps eliminating 14,140 transactions with a notional value of TWD 6.4 trillion ($194 billion USD). Participants included 12 international banks and 3 local Taiwanese banks.
“This was a very successful first time effort due to the commitment of both the international and local banks to reduce operational risk and credit risk exposure in their swap portfolios,” said Peter Weibel, CEO of TriOptima Asia Pacific. “We continue to build our Asian presence so that we can support the growing interest in both triReduce, our swap termination service, and, triResolve, our portfolio reconciliation service.”
TriOptima currently offers interest rate swap termination cycles in 8 Asian currencies including AUD, HKD, INR, JPY, KRW, NZD, SGD, and TWD; as well as CDS portfolio compression cycles in Asian and Japanese single name and index swaps. Plans are under way to expand the termination cycles to CNY later this year and to THB for early next year.
* All notional and transaction statistics 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