Press release
April 28, 2010
BlueMountain Capital Management adopts TriOptima’s triResolve service for OTC derivatives portfolio reconciliation
TriOptima today announced that BlueMountain Capital Management, a multi-strategy fund manager specializing in the corporate and consumer credit markets with approximately $4 billion in assets, has joined triResolve, the leading counterparty exposure management service for OTC derivatives including portfolio reconciliation and dispute resolution.
“All the G-14 dealers who are our major counterparties are on the triResolve service,” said Marc Valdes, Head of Collateral Management and Funding at BlueMountain. “As we increase the frequency and scope of our reconciliation activities, we can accomplish our goals quickly in one place. Also, the speed of implementation makes transitioning to triResolve very easy.”
Currently, 5.5 million trades from 2,400 legal entities are regularly reconciled through triResolve. This represents 75% of all non-cleared OTC derivative transactions. Users include the G-14 banks, hedge funds, asset management firms, asset servicers, other buyside organizations, and regional banks.
“We are pleased that BlueMountain has decided to implement triResolve,” said Raf Pritchard, CEO of TriOptima North America. “triResolve is very attractive to buy-side firms because it offers sophisticated functionality including a fully-automated process for exchanging data with counterparties, advanced analytics of mark-to-market value discrepancies, and a robust dispute resolution tool. Also, having all their major counterparties in one place makes the reconciliation process very efficient.”
In addition to all types of credit derivatives, triResolve participants submit all their FX, equity, commodity, energy, interest rate, and structured derivative trades to the triResolve service for reconciliation. Over 4 million trades are now reconciled daily on the triResolve service.
About TriOptima
TriOptima, an ICAP Group company, is the award-winning provider of OTC derivatives infrastructure services including triReduce, triResolve, and the OTC Derivatives Interest Rate Trade Reporting Repository.
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 5.5 million trades representing over 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.
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 23 currencies and a range of energy derivatives.
TriOptima maintains offices in London, New York, Singapore, Stockholm, and Tokyo.
http:// www.trioptima.com
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