TriOptima, the leading multilateral compression provider that lowers costs and mitigates risk in OTC markets, today announced that it has set a new record for its triReduce portfolio compression service. In 2018, TriOptima compressed $250 trillion gross notional value of trades at LCH SwapClear, an annual increase of 31%.
This new record was driven by intensive participation of both dealers and their clients, increased trade submission to triReduce cycles and a wider adoption of the Trade Revision methodology, which improves compression efficiency by up to 50% by allowing a wider range of trade economics to be changed.
“We are proud that another record compression year continues to help the industry achieve important capital and operational cost reductions,” said Peter Weibel, Co-CEO TriOptima. “We look forward to working with our partners and clients in 2019 to achieve further efficiencies around benchmark conversion and risk transformation across over-the-counter and exchange-traded derivatives.”
“2018 saw many records broken in OTC clearing, including those for newly cleared activity and for subsequent compression. We look forward to continuing to work with our buy and sell side clients, and ACSP partner TriOptima, to compress their cleared OTC risk in SwapClear and thereby realise ever-greater efficiencies,” said Michael Davie, Global Head of Rates, LCH.
triReduce delivers multilateral compression to a liquidity pool of over 270 market participants in four asset classes: Rates, FX, Credit and Commodities. Compression is available across 28 currencies and 6 CCPs, and in multiple products, such as inflation swaps and cross currency swaps. As a network service, triReduce maintains a low barrier to entry, minimizing the technology costs and resource required to access the service.
TriOptima, a CME Group company, and CLS, a market infrastructure delivering settlement, processing, and data solutions for the global FX market, have won ‘best new post-trade solution’ at the FTF Awards 2019. The award was voted for by market participants.
NEX Optimisation’s triReduce CLS FX service was awarded the Best New Technology Product for Post Trade at the 2017 FOW International Awards.
Established less than two years ago, triReduce CLS FX has already eliminated nearly $3 trillion in gross notional value from participants’ outstanding FX forward and swap portfolios – of which $2 trillion was eliminated in the last six months alone.
triReduce and CME Group completed the first cleared, non deliverable (ND) interest rate swap (IRS) compression in Brazilian Real (BRL) on September 22, 2017.
NEX Optimisation, which helps clients reduce complexity and optimise resources across the transaction lifecycle, announces today that participants in its triReduce compression service have eliminated over $1 quadrillion (1,000 trillion) in OTC derivative notional principal since its introduction in 2003.
Derivatives users have eliminated more than US$1 quadrillion of notional outstanding in over-the-counter swaps through NEX Optimisation’s triReduce multilateral compression service since its 2003 launch by TriOptima.
REUTERS | Helen Bartholomew
TriOptima announces today that it has included client cleared trades in a triReduce Mexican peso (MXN) compression cycle in CME Clearing for the first time.
CLS Group (CLS) and TriOptima announce today that counterparties have eliminated USD1 trillion in gross notional value from their outstanding FX forward and swap portfolios using the triReduce CLS FX Forward Compression Service.
FINANCIAL NEWS | Tim Cave
TriOptima, a leading provider of OTC derivatives post-trade risk management services and infrastructure, announces today it has received an award for “Innovation in Derivatives Technology” from The TRADE news organisation.
FX WEEK | Laura Matthews
TriOptima, a leading provider of OTC derivatives post-trade risk management services and infrastructure, announces today that the first client-cleared trades were included in the most recent SwapClear compression cycle for Canadian Dollar (CAD) interest rate swaps. The entire CAD cycle had 18 participants who eliminated $1.38 trillion CAD (US$ 1.05) in notional principal.
On 26th August 2016 the first ever compression cycle in NDF's and non-CLS currencies was successfully completed. The scope for the run was Asian currencies, and included USD/CNH forwards as well as NDF's on USD/CNY, USD/IDR, USD/INR, USD/KRW, USD/MYR, USD/PHP and USD/TWD.
MARKETS MEDIA | Shanny Basar
TriOptima and CME Clearing members completed the first triReduce compression cycle for cleared Mexican (MXN) peso swaps terminating 35% of the MXN interest rate swap notional outstanding in CME Clearing.
CLS-TriOptima win the FX Week Best Post-Trade Services Provider award for their FX compression service.
FOW | Julie Aelbrecht
TriOptima has published a whitepaper entitled “Post Trade Risk Mitigation in Asia”. The whitepaper claims that adoption of post trade initiatives in the region are growing and provides a summary of clearing requirements and the OTC derivatives landscape in the Asia Pacific region.
TriOptima announces that Eurex Clearing members completed the first successful triReduce compression cycle for cleared euro (EUR) interest rate swaps (IRS).
GLOBAL CAPITAL | Dan Alderson
FINEXTRA | TriOptima
RISK.NET | Luke Clancy
TriOptima announces that Nasdaq members completed the first successful compression cycle for cleared Swedish Krona (SEK) interest rate swaps.
JOHN LOTHIAN NEWS | Sarah Rudolph
EUROMONEY | Solomon Teague
TriOptima announces today that market participants have eliminated more than $750 trillion in notional principal outstanding using triReduce, its risk-constrained, multilateral compression service for OTC derivatives, established in 2003.
LEAPRATE | Maria Nikolova
18 SwapClear members have compressed 40% of outstanding notional and 49% of outstanding trades in Polish zloty (PLN) interest rate swaps and forward rate agreements (FRA) in the latest triReduce compression cycle.
THE TRADE | Joe Parsons
GLOBAL INVESTOR | Paulina Pielichata
FINANCIAL TIMES ONLINE
TriOptima announces today that 18 banks participated in the first triReduce inflation swap compression cycle terminating $98.5 billion notional in inflation index swaps for the European Union: EUR- Excluding Tobacco-Non-revised Consumer Price Index.
TriOptima announces that JSCC members terminated ¥72.5 trillion in the first unlinked compression cycle for JPY interest rate swaps (IRS) in JSCC. This is an increase of 44.4% over the notional terminated in September’s compression cycle. Since January 2015, triReduce compression cycles have reduced JSCC ¥ IRS notional outstanding by ¥316.5 trillion.
CLS Group (CLS), a leading provider of risk mitigation and operational services for the global foreign exchange (FX) financial market infrastructure, and TriOptima, a leading provider of OTC derivatives post-trade and risk reduction services, announce today that they have launched the triReduce CLS Forward FX Compression Service completing the first successful compression cycle for FX forwards and swaps transactions.
TriOptima announces today that 18 participants eliminated $1.6 trillion Canadian Dollar (CAD) in LCH.Clearnet’s SwapClear. This represents 20% of the interdealer CAD notional outstanding in CAD cleared interest rate swaps in the clearinghouse (CCP).
TriOptima announces today that 12 participants eliminated 902.3 Billion NZD ($590.2 Billion) in the first NZD compression cycle in LCH.Clearnet’s SwapClear. According to SwapClear, this represents 30% of the NZD notional and 35% of the NZD line items outstanding in the clearinghouse.
JOHN LOTHIAN NEWS
TriOptima announces today that 20 financial institutions have reduced notional principal outstanding by AUD 2.15 Trillion ($1.65 trillion USD) in the first triReduce compression cycle for unlinked, cleared AUD interest rate swaps in LCH.Clearnet’s SwapClear. This cycle reduced dealer to dealer AUD interest rate swap notional outstanding at SwapClear by almost 21%.
IFR | Mike Kentz
TriOptima announces today that 18 financial institutions, including 7 major Japanese banks, have reduced notional principal outstanding in Japanese Yen (¥) interest rate swaps (IRS) by ¥79.02 trillion ($641billion USD) in JSCC’s third triReduce compression cycle.
TriOptima, a leading provider of OTC derivative post trade risk management services, announces today that 11 financial institutions eliminated $8.8 billion notional principal outstanding in the first USD/KRW (Korean Won) cross currency swap triReduce compression cycle.
PROFIT & LOSS
TriOptima, leading provider of OTC derivatives post trade risk services, announces today that it has entered into arrangements with CME Group to enable TriOptima to offer triReduce risk-constrained multilateral compression for interest rate swaps (IRS) to house accounts of CME Group IRS clearing members.
The London Bullion Market Association (LBMA) and TriOptima, leading provider of OTC derivatives post trade risk services, announce today that twelve market participants eliminated 99% of their outstanding gold interest rate swap (IRS) trades with each other prior to the discontinuation of the Gold Forward Offer Rate (GOFO) fixing on January 30, 2015.
CLS Group (CLS), the global FX financial market infrastructure, and TriOptima, a leading provider of OTC derivatives post-trade risk management services and infrastructure, today announced they will be collaborating to deliver an FX forward compression service to the market.
TriOptima announces today that its triReduce compression service has received the Risk Magazine OTC Infrastructure Service of the Year Award.
17 financial institutions eliminated $213 billion in the first USD/TRY (Turkish Lira) cross currency swap triReduce compression cycle.
TriOptima announces today that it has cooperated with Japanese Securities Clearing Corporation (JSCC) to complete the first compression cycle for cleared JPY interest rate swaps in JSCC.
TriOptima, a leading provider of OTC derivative post trade risk management services, announces today that data connectivity between the DTCC Derivatives Repository Ltd (DDRL) and TriOptima’s triResolve portfolio reconciliation service is live and operational.
Client participation in cross currency swap compression cycles has grown from 12 to 20 institutions since its introduction earlier this year, eliminating $500 billion in notional principal outstanding.
TriOptima, leading provider of OTC derivative post trade services, announces that LCH.Clearnet’s SwapClear members have eliminated $284.3 billion in notional in the first triReduce and SwapClear compression cycle for cleared South African rand (ZAR) interest rate swaps.