TriOptima completes first triReduce compression cycle for cleared euro interest rate swaps in Eurex Clearing
05 May 2016
London, New York - 5 May 2016 – TriOptima, the award-winning post trade infrastructure provider, announces that Eurex Clearing members completed the first successful triReduce compression cycle for cleared euro (EUR) interest rate swaps (IRS). This was the first collaboration between Eurex Clearing and TriOptima.
Danny Chart, Eurex Group, Head of Sales Initiatives said: “With the EurexOTC Clear for IRS volumes continuing to grow at an impressive rate, the launch of our compression services with triReduce are an important part of our overall value proposition. As a cross asset class CCP we are able to deliver the highest levels of efficiency. We will continue to develop netting and compression services so that our members and their clients will be able to realise additional efficiencies when clearing more of their derivatives through Eurex Clearing, mitigating the impact of capital and balance sheet pressures.”
"We are pleased that Eurex Clearing members now have the ability to compress their cleared trades through triReduce and achieve the capital and balance sheet benefits of reducing their outstanding notional volumes," said Peter Weibel, CEO of triReduce. "We look forward to regular compression cycles for Eurex Clearing members now that the triReduce compression infrastructure is in place."
Portfolio compression aims to reduce the size of an existing OTC IRS portfolio with respect to the number of trades and notional through early termination of existing trades. triReduce offers compression across a broad spectrum of products: cleared and uncleared interest rate products in 27 currencies, credit default swaps, commodity swaps, inflation swaps, cross currency swaps, and FX forwards.
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, validate repository data, and deliver an automated margin management solution; 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.