triReduce Polish zloty compression cycle eliminates 40% of PLN notional outstanding in LCH.Clearnet’s SwapClear
11 March 2016
London, New York, – 11 March, 2016, TriOptima, an award-winning post trade infrastructure provider, announces today that 18 SwapClear members have compressed 40% of outstanding notional and 49% of outstanding trades in Polish zloty (PLN) interest rate swaps and forward rate agreements (FRA) in the latest triReduce compression cycle.
The local and international participants eliminated 2.6 trillion PLN/$654 billion USD in the risk-constrained, multilateral triReduce cycle for unlinked transactions.
Cameron Goh, Head of Clearing Solutions, SwapClear and Listed Rates, LCH.Clearnet, said: “This is the largest PLN triReduce compression cycle that SwapClear has run to date. Capital requirements for banks continue to be a major incentive for firms to compress their swaps books and drive down notional outstanding. As a result, our members and their clients have a healthy appetite for the capital and operational efficiencies that can be achieved through compression and we expect demand for these services to continue to grow.”
Peter Weibel, CEO of triReduce, said: “This is a great example of how triReduce’s risk-constrained compression achieves high efficiency when trading books are concentrated. The triReduce process is trusted, scalable and efficient which contributes to the success of new and ongoing compression cycles.”
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.