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triBalance Credit

reduce exposure across CCPs globally

Clearing OTC credit trades for swap dealers is well-established, and there are several CCPs beginning to clear client trades. It is anticipated that the new CCPs will grow as client clearing gains traction, and this will create imbalances in risk positions across CCPs.

triBalance Credit provides an important tool for both dealers and their clients to minimize these risk exposures and bring them back into balance across the multiple CCPs.  As this market structure evolves and becomes more complex, the potential for contagion and systemic risk is mitigated by regular triBalance Credit cycles.

triBalance Credit offers a way to rebalance credit spread exposures on a recurring, proactive basis and provides a tool to meet the challenges of a more diverse OTC derivatives landscape.

Each triBalance Credit proposal creates a set of component trades for each cycle participant that is market risk neutral and rebalances the risk in each CCP focusing on the credit spread delta exposures and counterparty risk.  Each participant’s set of component trades is aggregated into a compound transaction that is accepted in its entirety by all participants.

TriOptima and a group of interested market participants are currently working together to prepare for a pilot triBalance Credit cycle that will evolve the methodology further for the specific challenges of the credit market.




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