TriOptima and LCH.Clearnet expand compression for unlinked, cleared interest rate swaps eliminating 30% of NZD (New Zealand Dollar) notional outstanding in first SwapClear NZD cycle
10 September 2015
New York, London, 10 September 2015 – TriOptima announces today that 12 participants eliminated 902.3 Billion NZD ($590.2 Billion) in the first NZD compression cycle in LCH.Clearnet’s SwapClear. According to SwapClear, this represents 30% of the NZD notional and 35% of the NZD line items outstanding in the clearinghouse.
“The significant results in this cycle reflect the effect of unlinking trades in SwapClear and the compression efficiency achieved when trades are concentrated in one book rather than dispersed across many trading books in an organization,” said Peter Weibel, CEO of triReduce. “Recently we’ve seen similar results in SwapClear for South African Rand (ZAR) swaps where we eliminated 42% of the line items and 38% of the notional outstanding in SwapClear.”
“The introduction of NZD clearing is a great example of how SwapClear is delivering efficiencies across the regional currency mix,” said Marcus Robinson, Head of SwapClear, Australia. “The advantages to members and their clients of going well beyond the majors is clear in the marked uptick of clearing volumes.”
Currently TriOptima and LCH.Clearnet’s SwapClear offer compression cycles for 13 currencies: AUD Australian Dollar, CAD Canadian Dollar, CHF Swiss Franc, EUR Euro, GBP British Sterling, HKD Hong Kong Dollar, HUF Hungarian Forint, JPY Japanese Yen, NZD, PLN Polish Zloty, SEK Swedish Kroner, USD, ZAR.
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 integrated 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.www.trioptima.com
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.