TriOptima and DTCC go live with data connectivity in Europe to reconcile OTC derivatives repository data
04 December 2014
New York/London, 4 December 2014 – 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.
The service enables daily reconciliation of OTC derivatives trades reported to DTCC’s European trade repository, as mandated by the European Market Infrastructure Regulation (EMIR).
Under European rules, derivatives dealers and end users are required to report their OTC derivatives transactions to a trade repository either directly or through a delegated third party, and are responsible for the accuracy of the reported data.
The new connectivity between DTCC’s European repository and triResolve allows derivatives dealers and end users to compare and match DTCC trade records with their internal trade records and/or records from another trade repository even if the Unique Trade Identifiers (UTIs) are unmatched. With support and visibility across all the reported data fields in triResolve, firms can identify and address any discrepancies.
Ian McLelland, CEO of DTCC’s European trade repository, said: “The connectivity to the triResolve service is an important partnership for DTCC. As Europe’s largest trade repository, we will continue to work with the industry, the regulatory community and our third party providers to promote greater common standards which will continue to improve the transparency and risk mitigation in the derivatives markets.”
“Implementing this connectivity enables firms to use triResolve to efficiently verify data in the repositories,” said Raf Pritchard, CEO of triResolve. “This is an important tool to ensure accuracy of data in the repositories, a key regulatory goal.”
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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, manage disputes, and validate repository data; 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.