NEW YORK & LONDON--(BUSINESS WIRE)--TriOptima, provider of OTC derivative post trade services, today announces that market participants have eliminated $500 trillion in notional principal outstanding since it introduced triReduce, its multilateral compression service, in 2003.
This milestone includes cleared and uncleared trades across a broad spectrum of products including cleared interest rate swaps and uncleared interest rate swaps in 27 currencies, credit default index and single name swaps, and commodity swaps. Over 200 financial institutions worldwide participated in this significant risk-reducing achievement.
“Working together with market participants and clearinghouses globally, TriOptima is proud to mark this important milestone,” said Peter Weibel, CEO of triReduce. “triReduce achieves maximum unwind efficiency with a risk-constrained compression approach. Using participants’ individual risk tolerances leads to increased compression opportunities. This will also be available to clearing members for cleared, unlinked trade compression cycles further enabling participants to optimize their leverage ratios.”
Currently triReduce offers compression in: cleared and uncleared Interest Rate Swaps (including FRAs and Overnight Index Swaps); Cross Currency Swaps; Credit Derivatives; and Commodity Swaps. Inflation Swap and FX Forward compression cycles will be introduced soon.
TriOptima is the award-winning provider of post trade risk management services and infrastructure for OTC derivatives. Focused on reducing costs, eliminating operational and credit risk, improving counterparty exposure management, and reducing systemic risk, TriOptima offers a range of services: triReduce to reduce swap inventory and counterparty risk; triResolve to reconcile OTC derivative portfolios and manage disputes; triBalance to manage cleared and bilateral counterparty risk and triCalculate to measure and analyze counterparty risk.
TriOptima, an ICAP Group company, maintains offices in London, New York, Singapore, Stockholm, and Tokyo.