triReduce CLS FX Service Wins FOW International Award for Best New Post Trade Technology Product



NEX Optimisation’s triReduce CLS FX service was awarded the Best New Technology Product for Post Trade at the 2017 FOW International Awards. 

The triReduce CLS FX service is a collaboration between the settlement, processing and data solutions provider CLS, and triReduce, the post trade compression service that is part of NEX Optimisation. triReduce and CLS pioneered the service to provide risk mitigation services for the global FX market for non-cleared OTC derivative trades. The solution helps firms to gain regulatory and economic capital benefits while reducing direct costs to the business without changing their market risk positions.

The FOW International Awards recognise the best and brightest innovations in the derivatives industry and the winners were deemed to have solved a problem creatively, opened up new possibilities, or changed the way participants approach the market.

The award’s judges described the triReduce CLS FX service as “a solution to a real issue in the FX markets that has the immediate benefit of risk and capital cost reduction” and noted the inclusion of prime brokerage into the service as proof of “constant innovation.”

The FOW International Awards are judged by a panel of industry experts drawn from across the market in a range of disciplines. The winners were announced at a gala dinner in London on December 6, 2017.