DTCC and TriOptima go live with data connectivity to verify and reconcile OTC derivatives data
09 September 2013
New York / London – September 9, 2013 The Depository Trust & Clearing Corporation (DTCC) and TriOptima announce today that data connectivity between the DTCC Data Repository (U.S.) LLC (DDR) and TriOptima’s triResolve portfolio reconciliation service first announced in June is now live and operational.
The service, which enables the reconciliation of OTC derivatives trades reported to DTCC’s US trade repository, is a significant step aimed at improving portfolio risk management for dealers and end users.
It will help ensure compliance with the CFTC mandated reconciliation deadline of August 23. DTCC and TriOptima anticipate that their collaboration can also be extended to market participants in Europe where portfolio reconciliation and trade reporting rules will come into effect imminently. The European Market Infrastructure Regulation (EMIR) portfolio reconciliation rules will come into effect on September 15, 2013 and EMIR mandatory trade reporting will begin on January 1, 2014.
“Our cooperation with TriOptima enables DTCC to offer its participants the ability to meet their portfolio reconciliation requirement leveraging the same submission used to meet their trade reporting obligation,” said Marisol Collazo, US CEO for DTCC Data Repository. “Clients are now well positioned to manage and reconcile their derivatives positions efficiently. We are committed to working with complementary third party service providers like TriOptima so our mutual clients have greater and more efficient access to our services which help them effectively meet their regulatory mandates globally.”
“We are delighted now to have live repository data directly feeding our reconciliation service.” said Raf Pritchard, CEO of triResolve. “This both contributes to data accuracy and creates opportunities for efficient workflow for industry participants, including performing regulatory reconciliations. We believe that this kind of cooperation and interconnectivity is the way forward for post trade services.”
DTCC is currently the only trade repository with a live connection to triResolve. DTCC's global trade repository services are also the only solution provider that supports trade reporting in all 5 OTC derivatives asset classes with all major dealers and 600 other market participants from around the world registered to use its services.
DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.
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 triQuantify to measure and analyze counterparty risk.
TriOptima, an ICAP Group company, maintains offices in London, New York, Singapore, Stockholm, and Tokyo.
For further information please contact:
Susan Hinko, Global Head of Industry Relations
Tel: + 1 646 744 0410
Candice Adam, Argentus PR
Tel: +44 20 7397 2915
Judy Inosanto, Vice President, Media Relations, DTCC
Tel +1 212 855 5424
Dafina Grapci-Penney, Greentarget
Tel +44 (0)207 324 5484