TriOptima & CLS win FX Week’s Best Post-Trade Services Provider award
13 July 2016
London/New York – 13 July, 2016: TriOptima, an award-winning post trade infrastructure provider, announces today that it and CLS have won the FX Week Best Post-Trade Services Provider award.
The publication pronounced that as regulatory programs started, costs became an important factor for decisions and market structure development trends, and as a result fo these changes, the CLS-TriOptima partnership launched the triReduce CLS Forward FX Compression service in October 2015. The service helps to reduce operational risks, costs, and counterparty credit risk while boosting capital efficiency. Less than a year old, the service has cut more than $112 billion in notional exposure for major dealers, with the number of participating banks increasing from six to 14 and eight more banks testing.
Peter Weibel, chief executive of TriOptima’s multilateral compression service, triReduce, said: “TriOptima has a huge amount of experience in compression, as we have been in the business since 2003. Our strong infrastructure and robust legal framework are key to the success of the service.”
Alan Marquard, chief strategy and development officer and general counsel at CLS Group, added: “One of the things about moving into a new asset class like FX is the compression process is reasonably mature in rates and CDS, but banks do not have one synthesised platform and process for dealing with different asset classes. So I think, for TriOptima, when the service first started, a level of education about how compression works was needed for the FX divisions of the banks in particular.”
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.