Press release
January 20, 2010
TriOptima launches OTC Derivatives Interest Rate Trade Reporting Repository for banking regulators
TriOptima announced that banking regulators have received the first reports from the newly-launched OTC Derivatives Interest Rate Trade Reporting Repository (“the IR TRR”). Fourteen major financial institutions submitted data for their non-cleared OTC interest rate derivatives trade portfolios covering trades with G-15 institutions, buy side organizations and other financial and non-financial institutions.
As of January 15th, regulators will receive a series of reports each month summarizing market volumes for OTC interest rate derivatives showing outstanding trade volumes and gross notionals as well as currency breakdowns and maturity profiles by product type. All counterparty data has been anonymized to ensure client confidentiality and compliance with jurisdictional guidelines and regulations on privacy and confidentiality..
“We were able to work in concert with the OTC Derivatives Regulators’ Forum, major banks, buy-side firms and TriOptima to achieve a successful launch within very tight deadlines,” said Jon Eilbeck, chair of the ISDA Rates Steering Committee and Chief Operating Officer for Global Rates at Deutsche Bank . “It demonstrates the industry’s on-going commitment to enhancing the OTC derivatives infrastructure, reducing systemic risk and improving transparency in the OTC derivatives marketplace.”
“The ability to leverage the technical infrastructure of our existing triResolve platform was key to ensuring that the Interest Rate Trade Reporting Repository was operational by year end,” said Brian Meese, TriOptima CEO. “Our technology has proven extremely resilient in meeting the volume levels, data security standards and flexible reporting capabilities required by the financial institutions and the regulators. We look forward to continuing our close collaboration with industry and regulatory representatives to phase in additional reporting sources and outputs.”
The IR TRR holds summary transaction-level information for the full range of non-cleared OTC derivative interest rate transactions, including caps/floors, forward rate agreements, options, swaps, swaptions, and cross currency swaps. Plans for future phases are being discussed in the ongoing dialogue between market participants, global regulators and TriOptima.
Following a request for proposal process, representatives from sell side and buy side institutions comprising ISDA’s Rates Steering Committee selected TriOptima to provide the IR TRR in October.
For further information please contact:
Susan Hinko, Global Head of Industry Relations
Tel: + 1 646 744 0410
susan.hinko@trioptima.com
About TriOptima
TriOptima is the award-winning provider of OTC derivatives infrastructure services including triReduce, triResolve, and the OTC Derivatives Interest Rate Trade Reporting Repository.
triReduce, the portfolio compression service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 150 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 22 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 5.8 million trades representing over 70% 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 London, New York, Singapore, Stockholm, and Tokyo.
http:// www.trioptima.com