home > resource center > glossary


 A    B    C    D    E    F    G    H    I    J    K    L    M    N    O    P    Q    R    S    T    U    V    W    X    Y    Z

Ambiguous Match
An unidentifiable match between set of identical trades. These require the user to identify individual trade matches. This is a matching term used in both triReduce and triResolve.

Amortizing swap
Typically an interest rate swap where the notional (upon which the coupon payments are calculated) decreases during the life of the swap.
A triReduce Rates eligible instrument type.

Asset Class
triResolve supports all OTC derivative asset classes, including Credit, Interest Rate, Commodity and FX, and all product types, from plain vanilla trades to complex structures.

Assignment Date (or Step-in Date) 
The date on which a party assumes ownership of a trade side.

Auction Date
The date on which bonds are issued. Government issued Debt, in the form of Bonds, is usually issued through an auction process, where anybody is eligible to bid for a bond.


Bundesanstalt für Finanzdienstleistungsaufsicht, The Federal Financial Supervisory Authority

Basel Regulations
International banking regulations first issued in 2004 which specifies minimum required size of capital reserves for banks. TriOptima, via triReduce, can help banks reduce this required amount of capital reserves and thereby reduce the capital costs associated with trading.

Basis Risk
A risk arising from a difference in trade economics on two, otherwise offsetting trades.

Benchmark Curve
Ability to view and compare your own trade valuation to an industry average valuation curve for single name credit trades and standard indices.

Bilateral Margining
triResolve provides a comprehensive margin management service covering all aspects of the collateral management workflow.

Bank for International Settlements. An international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability.

Where the transaction details of a matched trade are different, triResolve will identify and facilitate tracking of such differences for swift resolution.

Business Day Convention
The convention for adjustment of event dates relating to a financial transaction towards a valid business day.

The most relevant conventions are:
- Following: where the date is adjusted to the first following day that is a Business Day
- Modified Following: the same as ‘Following’, unless the first following Business Day is in the next calendar month, in which case that date will be the first preceding day that is a Business Day
- Preceding: where the date is adjusted to the first preceding date that is a Business Day

In triReduce Credit terms, this refers to the ‘Buyer’ of protection (or the ‘payer’ of interest payments).
In triReduce Rates, this refers to the payer of the fixed leg.


Cash Flow
A transfer of money, receiving money means positive cash flow while paying means negative cash flow.

Cash Tolerance
A tolerance defining the maximum amount of cash to be paid or received in an Unwind Proposal. See Unwind Proposal.

Central Clearing Party.

CFTC [for triReduce]
U.S. Commodity Futures Trading Commission. Created under an amendment to the Commodity Exchange Act in 1974. Its mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.

Credit Implementation Group. Reports into Credit Steering Committee.

Close Match
A close match is a mismatch on one or two fields of lesser importance. It is a matching term used in triReduce.

Chicago Mercantile Exchange.

Commodities Implementation Group, under ISDA.

An asset posted to or by a counterparty to mitigate its counterparty credit risk.

Collateral Call
The issuing of a demand for margin / collateral is sent to a counterparty following the calculation of the collateral requirement.

Collateral Dispute
The process by which a counterpart disputes a collateral call.

Collateral in transit
Collateral that is due to be sent or returned but has not yet settled.

Compounding Swap
A swap which compounds interest over more than one fixing period.

TriOptima, through its triReduce service, offers market neutral compression of trades and gross notional. See also Multilateral Termination.

A statistical measure of how two market instruments move in relation to one another. Positive correlation implies that both instruments move together. Negative correlation implies that both instruments move in the opposite direction to one another.

Commodities Steering Committee, under ISDA.

Counterparty exposure [for triResolve]
triResolve allows subscribing parties to calculate their current exposure against each subscribing party at a group, entity portfolio or trade by trade level.

Counterparty exposure [for triReduce]
Net MtM per counterparty. TriOptima offers services to efficiently manage and reduce counterparty exposure.

Counterparty Credit Risk
A risk arising from uncertainty in a counterpart's ability to meet the obligations set out in a contract.

Counterparty Risk
Risk arising from potential default and hence credit-worthiness of a counterparty. TriOptima offers services to efficiently manage and reduce counterparty risk.

Counterparty Risk Tolerance
A tolerance used to constrain risk impact in counterparty relations.

CP Unmatched
During linking in a triReduce cycle, this term is used for trades that are submitted by the counterparty, but not by the participant.

Credit Default Swap
A contract entered into by a buyer and seller. The buyer purchases credit protection on a debt obligation from the seller. The buyer pays a regular premium for the privilege.

Credit Event
An event relating to the deterioration in credit worthiness of an underlying entity to a credit derivative.

Credit Spread Delta Tolerance
A tolerance defining the maximum acceptable impact on the Credit Spread Delta risk.

Cross Currency Basis Swap
See Cross Currency Swap.

Cross Currency Swap
A financial contract where the buyer and seller agrees to swap floating cash flows between two different currencies, during a defined period of time. See Cash Flow.

ISDA's Credit Support Annex, a legal agreement between the two parties to an OTC derivative transaction which contains the agreed collateral terms under an ISDA Master Agreement.

CSA-Collateral Balance Reconciliation
triResolve facilitates reconciliation of collateral balances between counterparties to identify any non receipts or errors in the amount of collateral posted or received.

CSA-Exposure Reconciliation
Reconciling trade population characteristics and valuations daily minimizes misbookings and decreases the number of collateral disputes significantly, reducing credit and operational exposures.

Credit Steering Committee, under ISDA.

Credit (Counterparty) Valuation Adjustment. A common measure of counterparty credit risk.


Data Summary
triResolve has the functionality to display data on different levels of detail where it can be grouped and compared based on user criteria.

Delivery Point
Commodity market terminology for the physical delivery location relating to a transaction. An example for US Natural Gas is Henry Hub.

Discount Delta
The sensitivity to a change in the rate used to discount future cash flows.

Dispute Resolution
triResolve incorporates a stream lined work flow for Dispute Resolution, the recommended ISDA procedure for resolving complex disputes.

Distant Match
A distant match is a mismatch on trade details that could have a major economic impact. It is a matching term used in triReduce.

Document Type
A legal confirmation document clause type. Typically refers to the settlement conditions for Credit Derivatives.

Dress Rehearsal. This phase of a triReduce cycle provides participants with a test proposal giving them an indication of the risk movements they can expect to see in Live Execution.

DTCC [for triReduce]
Depository Trust & Clearing Corporation. TriOptima is interoperable with the DTCC for automated terminations and also provides triReduce Credit participants with TIW extracts relating to cycles.

A commonly used term for a measure of risk and stands for the Dollar Value of a one unit change in the underlying. It is used across a number of different asset classes.


see Event Determination Date.

Effective Expected Positive Exposure.

The European Federation of Energy Traders. A group of more than 90 energy trading companies dedicated to stimulate and promote energy trading throughout Europe.

Energy Swap
An exchange of payments relating to an energy commodity.

The right or privilege of a state to exercise authority in certain circumstances beyond the limits of its territory.

Event Determination Date
For Credit Derivatives, it relates to the date on which the Credit Event Notice is 'served'.

Exchange Traded contract
A transaction that takes place on an exchange trading platform where buyers may meet sellers anonymously.


Financial Accounting Standards Board.

Futures Commission Merchant.

Financial Derivative
A financial contract where the value/pay off is strictly dependent on an underlying asset.

For an Interest Rate Swap, a fixing is the float rate for the current/next coupon period.

Forex Swap
See FX Swap.

A non-standardized, and typically over-the-counter contract, obligating obligation the owner to either buy or sell an underlying financial instrument at a pre-determined time in the future and at a pre-determined price.

Forward Rate Agreement
An agreement to fix a rate of return for a period of time commencing in the future.

The Financial Conduct Authority (FCA). The regulator of the financial services industry in the UK.

Financial Stability Board. Established to coordinate the work of national financial authorities and international standard setting bodies, at the international level.

Full Termination
A trade that is struck off from a portfolio as part of a triReduce unwind proposal.

Funding Risk
Relates closely to Interest Rate Risk, but deals specifically with the method of handling capital in- and out-flows.

Futures Contract
A standardized and exchange traded contract obligating the owner to either buy or sell an underlying financial instrument at a pre-determined time in the future and at a pre-determined price.

FX Forward
An agreement to buy or sell currency in the future and at a pre-determined price.

FX Spot
Buying or selling currency at the current market rate under regular market settlement conditions.

FX Swap
An FX Forward with an additional reverse FX spot trade upfront.


G14 dealers
Group of 14 international banks that have signed up to meet the NY Fed's regulatory commitments.


The amount by which the market value of the collateral is reduced to account for price volatility and liquidity. Also known as the valuation percentage.

A risk management or trading technique where fluctuations in profit or loss are limited or minimised. Hedging can be achieved by taking opposing positions in two positively correlated instruments.

A feature of the triReduce Credit service allowing participants to group multiple books together, thereby achieving greater termination efficiency.



International Accounting Standards.

ISDA Industry Governance Committee.

IMM dates
In terms of credit derivatives, IMM dates are the four quarterly maturity dates: 20th March, 20th June, 20th September and 20th December.
In terms of futures and options and swaps, IMM dates are four quarterly maturity dates: the third Wednesday in March, June, September and December.

Independent amounts
The amount of collateral required over and above the mark to market of a portfolio. It is designed to cater for changes in the market value of a portfolio between margin calls.

Interest Rate Delta 
Sensitivity of the value of a trade to a related interest rate. It may be expressed as a profit or loss measured by a single unit uptick in the interest rate from a valuation curve. A popular measure of interest rate risk, commonly known as price value of a basis point (PV01) or dollar value of a basis point (DV01).

Interest Rate Delta Tolerance
A tolerance defining the maximum acceptable impact on Interest Rate Delta risk.

Interest Rate Swap 
In its basic form, a commitment to exchange of fixed interest payments and floating (variable) interest payments in the future.

International Organization of Securities Commissions.

International Swaps and Derivatives Association, Inc. The global trade organization that represents participants in the OTC derivatives markets, and designs and maintains the industry-standard contracts (ISDA Master Agreements) for trading OTC derivative transactions.

ISDA's Collateral Infrastructure Working Group.

ISDA Minimum Market Standards
ISDA has published a set of minimum field requirements for collateralized portfolio reconciliation.

ISDA's Best Practices for the OTC Derivatives Collateral Process
ISDA best practices document for the collateral management process following the "Roadmap for Collateral Management", an action plan to re-examine the collateral management function based on the market events of 2008.

ISDA's Port Reconciliation Best Practices
triResolve supports ISDA's recommendations for portfolio reconciliation. 



Central Counterparty. triReduce Rates performs regular termination events on cleared Interest Rate Swap trades.

Linking [for triReduce]
The first phase of a triReduce cycle, where participants submit trades that are eligible for termination. TriOptima forms a legal connection between trade sides that form a deal previously incepted between two institutions.

Liquidity Risk
A risk arising from a lack of tradable volume in a market.

Margin Call
Margin calls can be issued to a counterparty via the triResolve web site using the Margin Management application.

Margin Management
Margin management represents the comparison and collateralization of the daily valuation changes in a portfolio of financial transactions outstanding between two counterparts. triResolve’s Margin management functionality facilitates this process by providing transparency and a secure communication platform where clients can manage both incoming and outgoing margin calls in an efficient manner with full audit trails. triResolve provides early visibility of potential problems, providing maximum time to investigate and solve them while  allowing users to quickly process straightforward margin actions.

An electronic trade capture and confirmation platform. triReduce Rates is interoperable with MarkitWire for trade terminations.

The net present value of a derivative trade. Typically calculated using the concept of cash flow discounting.

Mark-to-Market Tolerance
A tolerance used to constrain the amount of Mark-to-Market realized in an Unwind Proposal.

Match Quality
triResolve provides a match quality rating via the use of stars. A 5-star rating is a perfect match while a 1-star rating represents a match with three major differences or more.

Match Status
When a match result is published in triResolve users can review established matches and each match is assigned a status.

Matched Trades
A match where all key data fields match or where insignificant discrepancies have been identified.

Matched With Difference
triResolve will identify trades that closely correspond to an equivalent trade in your counterparty's portfolio but one or several key data fields do not match.

Minimum transfer amount
A minimum size threshold below which calls for collateral will not be made.

MIS Reporting
The triResolve service includes highly flexible reporting that can be customized to fit a wide range of purposes and departments within a firm.

Monthly Regulatory Metrics
TriOptima is the producer of the G14 dealer portfolio reconciliation metrics that is provided to the regulators and Federal Reserve each month.

See Mark-to-Market.

Multilateral Termination
A trade tear-up exercise (or compression process) involving more than two parties. TriOptima offer a multilateral-termination service, triReduce.


Nominal Tolerance
A tolerance used to constrain the amount of Notional maturing on specific end dates; used in triReduce Credit.

Non-collateralized trades
Trades between two institutions that are not governed by the terms of a CSA.

Non-Subscriber Upload
Extension to the triResolve service, which allows non-subscribing firms to submit their portfolios to triResolve for secure and automated reconciliation with their counterparties.

The principal amount on a derivative contract. The amount is used a reference upon which interest is calculated.

Notional Revision
A notional amendment of an existing trade as part of a triReduce unwind proposal. A Notional Revision can increase or decrease the notional on a given trade.

OTC Derivatives Supervisors Group. The group is chaired by the New York Fed and meets annually with other supervisors as well as major OTC Derivative market participants.

Operational Risk

A risk which arises from a company's people, system or processes. TriOptima can, through its termination service, reduce the ticket count and thereby the amount of manual steps required resulting in less operational risk.

A mathematical technique for determining the extreme value of a function of several variables subject to a set of constraints.

Operations Steering Committee. Replaced the Operations Management Group (OMG) in 2009.

OTC Derivative
A derivative transaction taking place between two parties without the involvement of an exchange to facilitate the trade ("Over the Counter").

Overnight Index Swap
An Interest Rate Swap that resets its floating leg one-day interest rate on a daily basis. The floating leg compounds and pays its cash flow in line with the fixed rate payment frequency.


Partial Termination
A notional reduction of an existing trade as part of a triReduce unwind proposal.

The party to a trade that is required be the fixed interest rate payer in a derivative transaction. Typically, the Buyer.

Primary Clearing Member.

Potential Future Exposure. A measure of the maximum credit exposure expected over a specific period of time.

Plain Vanilla
The most basic form of a financial derivative contract.

Portfolio Compression
TriOptima's triReduce service offers portfolio compression on OTC Derivatives.

Portfolio Reconciliation
Portfolio reconciliation is a process of mutual trade and records comparison.  It is a key process to manage and reduce operational risks. Proactive reconciliations of portfolios ensure high integrity in trade bookings as well as valuations.With a secure and automated trade upload, triResolve effectively matches even complex structures using sophisticated business logic. The result is presented in a common, online view for timely resolution of discrepancies and disputes.

Product Class
triResolve supports all OTC derivatives across all asset and product classes, from plain vanilla to bespoke products. See Asset Class.


Used in triReduce Commodities to denote the contract size.


The party to a trade that receives the fixed rate of interest in a derivative transaction. Typically, the Seller.

Reconciliation History
Ability to view past reconciliation results and the reconciliation progress over time.

Relative Difference
triResolve offers extensive MtM value analysis such as comparison in absolute as well as relative terms to highlight problematic areas.

Replacement Trade
A trade, delivered as part of a triReduce Credit unwind proposal. The sole purpose of this trade type is to rebalance risk that would be shifted by solely booking terminations.

Reset Risk
The risk arising from floating interest rates being fixed (known as 'resetting') for their next coupon period. See Fixing.

An agreement between an entity and its creditors to rearrange its liabilities. Often used as a preferred alternative to bankruptcy or liquidation. Can be considered as a Credit Event in some types of Credit Derivative.

Rates Implementation Group. Reports into Rates Steering Committee.

Roll Date
Pertaining to a derivative trade, the date on which one coupon is paid and the next coupon period begins. For CDS Indices, it can also refer to the launch date of a new series.

Root Cause Analysis
In order to identify and categorize causes for common errors or misbookings triResolve provides extensive functionality for identifying and analyzing root causes.

Rates Steering Committee, under ISDA.

Risk Weighted Assets. The basis for calculating the minimum required capital reserve required for a bank. TriOptima, through its triReduce termination service , can help banks reduce the required capital reserve and capital costs. See Basel Regulations.


U.S. Securities and Exchange Commission. Their mission is to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation.

Securities-Financing Reconciliation
triResolve has the functionality to reconcile a very wide range of different financial products, including Repos and Stock Borrow / Lend, Collateral Balances or trades not under CSA agreement.

In Credit terms, this refers to the ‘Seller’ of protection (or the ‘receiver’ of interest payments).

Settlement Date
The date upon which flows of cash and/or securities are exchanged following a financial transaction.

Spot Rate
The rate that can be achieved in the cash market (otherwise known as the spot market) under regular settlement conditions.

Star Coloring
triResolve distinguishes between a manually created and an automatic match. The star rating will be in green for a manually created match and gold if the match is automatically created.

Swapswire ID/Markitwire ID
triResolve is interoperable with other matching platforms in order to facilitate investigation of cross related data and highlights any such discrepancies.


The Trans-European Automated Real-Time Gross Settlement Express Transfer System.

Termination Date
The day on which a trade termination becomes effective.

Three-Way Reconciliation
Reconciliation of trades from three different sources; for example the principal, its counterparty and a custodian.

Tool to constrain the magnitude of impact due from an Unwind Proposal. See Unwind Proposal for more info.

Trade Browser
triResolve includes highly flexible customizable filtering across entire portfolios on a trade detail level to break out sub-sets of trades for detailed analysis.

Trade Cart
A temporary storage area for trades and or matches.

Trade Comments
As a community platform, triResolve supports different types of client communication on the platform to facilitate the resolution process.

The systemic risk reduction service operated by TriOptima AB.

A multilateral portfolio compression and early termination service operated by TriOptima AB.

The proactive portfolio reconciliation service and exposure management service from TriOptima.

triResolve MatchID
triResolve retains global unique match identifiers for each match established on the service.


An asset , index or rate from which the value, cash flows or deliverables under a derivative transaction are calculated.

Unilateral Reconciliation
The vast majority of reconciliations are performed between subscribers to the service. triResolve also supports so called unilateral reconciliations, where the subscriber uploads data on behalf of the counterparty after receiving the counterparty's consent.

Unmatched trades [for triResolve]
triResolve will quickly identify any trades where a satisfactory match has not been identified, these are a single sided match where no matching counterpart trade has been identified.

Unmatched Trades [for triReduce]
Trades submitted by a party that are not submitted by their counterpart.

Where both parties to a trade mutually agree to settle or terminate prior to the normal maturity of the trade, normally involving a cash settlement.

Unwind Proposal
A proposal containing a package of transactions to carry out, that will have the effect of trade reduction and/or notional reduction.

Upfront Fee

A fee paid typically on a credit derivative transaction, where the amount relates to a differential between the fair coupon and the fixed coupon on the trade. This results from product standardization in the credit derivative markets.


Value Date
The date upon which a cash payment relating to a financial transaction is completed.

Vendor Initiated Terminations.


The process of diminishing the recorded value of a security to better reflect its lower market value.

West Texas Intermediary.


Yearly Coupon
Aggregate amount of coupon to be paid or received during a year, for a contract.

Yearly Coupon Tolerance
A tolerance specifying the maximum amount of Yearly Coupon to be shifted in an Unwind Proposal; used in triReduce Credit.


Please enter your full name.

Interest Rate Trade Reporting Repository
Terms and Conditions for Access and Use

1. Scope of Agreement
    These terms and conditions (this "Agreement") govern your access to and use of any public repository reports of OTC interest rate derivatives (each a "Report") produced by TriOptima AB ("TriOptima"), as described on the information web page regarding the repository. You must accept this Agreement to access and use Reports. You accept the Agreement by clicking the "I Agree" button on the bottom of this page. TriOptima may at any time, without advance or specific notice, amend this Agreement. Hence, you are expected to review and accept this Agreement each time you wish to access any Report through this website.

2. Intellectual property rights, license to use
    You acknowledge that TriOptima is the sole and exclusive owner of any and all intellectual property rights to the structure and layout of any Report.

    TriOptima hereby grants to you a non-exclusive license to use Reports in accordance with this Agreement.

3. Prohibited use of Reports
    You must not use any Report or the information contained in any Report in a manner that may harm or be detrimental to TriOptima, including without limitation, to use any Report to directly or indirectly compete or promote competition with TriOptima.

    You are not allowed to use TriOptima's name or any trademarks, trade names or service marks contained in any Report or this website in advertising, publicity or otherwise; neither are you allowed to copy any marks, specific characteristics or attributes of any Report for any other purpose than for making a lawful and contractually permitted copy of a Report.

4. Non-reliance, no warranty, disclaimer
    Each Report is provided to you free of charge. However, TriOptima does not warrant or undertake to make any Reports available to you; hence you acknowledge that TriOptima, in its sole discretion, may or may not make Reports available to you via this website or otherwise.

    Each Report is intended for information purposes only. Any information in a Report may at any time be superseded or replaced by new or updated information. Furthermore, the information contained in a Report is based on the information submitted by third parties for the purpose of inclusion in such Report. The information contained in a Report is neither checked, nor verified by TriOptima. Consequently, you acknowledge that Reports are for information purposes only, that they may not be relied upon for any purpose whatsoever, and that they are dependent upon, as regards their accuracy and completeness, the data submitted to TriOptima by third parties.

    The parties acknowledge that TriOptima makes no representation or warranty with respect to any Report or this website or any data or materials retrieved, obtained, provided or transmitted, by or to you, using this website. Each Report and this website and all such data and materials are being provided to you "as is". TriOptima hereby disclaims any and all representations and warranties, whether express or implied, including without limitation, any representation or warranty as to merchantability or fitness for a particular purpose, any representations or warranties arising from course of dealing or course of performance, and any representations or warranties of accuracy, reliability or functionality.

    To the maximum extent permitted by law, TriOptima disclaims all liability arising out of or in connection with the use of any Report or this website.

    Without prejudice to the above, TriOptima shall not be liable to you, or anyone claiming under or through you, for loss of profit, or any indirect or consequential loss or damages under or in connection with this Agreement, the use of any Report or this website, including without limitation, damages for loss of capital, interest, revenue, data or use, or interruption of business, even if you had been advised of the possibility of such damages.

    Notwithstanding anything to the contrary in this Agreement, TriOptima does not exclude or limit its liability for wilful misconduct, fraud or death or personal injury arising from TriOptima's negligence.

    For purposes of this clause, references to TriOptima shall be deemed to include its affiliates and their respective partners, officers, employees, directors, agents, contractors, representatives, successors and assigns.

5. Viruses, malware
    To the best of TriOptima's knowledge, Reports published on this website, this website and the server on which it resides are free from viruses and other malware. However, TriOptima cannot warrant this to be the case, and it is your responsibility to take precautions to prevent your computer and/or network to be affected by viruses or other malware. Hence, TriOptima does not assume any liability for any damage or loss, whether direct or indirect, including loss of data, caused to you by viruses or other malware from Reports published on this website, this website or the server on which it resides, including when you download any Report.

6. Applicable law, disputes
    This Agreement and any non-contractual obligations arising in connection with it shall be governed by English law, without regard to its principles of conflicting laws. Each party submits to the exclusive jurisdiction of the English courts for all purposes relating to this Agreement (including the enforcement of any determinations).
I agree    I decline

We use cookies to ensure that you get the best possible experience of our website. By continuing the use of our website without changing your browser settings, you give your consent to our use of cookies.

To learn more about cookies, how we use them and for what purposes, and how you can manage your browser settings to reject or control use of cookies, please read our Cookie Policy