Press release
March 26, 2007
TriOptima offers 4 credit derivatives termination cycles in April
TriOptima continues to support CDS back offices by offering termination cycles in European and American CDS indices and European and American index tranches during the month of April.
These cycles have attracted significant participation by TriOptima subscribers, especially the European cycles scheduled for April 13 in indices and April 23 in tranches. The American index cycle is scheduled for April 12, and the American tranche cycle will be held on April 27.
By eliminating tranche trades, dealers also eliminate potential costly operational, legal and administrative procedures that would ensue if any of the underlying entities in an index experienced a credit event. CDS index tranches, a specialized type of credit derivative, were developed to enable the trading of credit risk correlations across the portfolio of underlying entities in an index, and are structured with a series of credit event triggers that require careful monitoring. The numbers of trades and the number of participants has more than doubled since the first tranche cycle was offered by TriOptima in June, 2006.
About TriOptima
TriOptima is the award-winning supplier of technology-based post trade processing services. triReduce, its multilateral termination service for OTC derivative contracts, pioneers technology that eliminates risk and reduces operational and capital costs. TriOptima’s groundbreaking service, triResolve, transforms portfolio reconciliation into a proactive activity for collateral managers reducing margin call disputes, manpower requirements, operational costs, and errors in credit exposure calculation.
With over 100 bank and non-bank subscribers worldwide including the major local and global dealers in derivatives, TriOptima provides critical services to achieve post trade operating efficiency.
TriOptima maintains offices in Stockholm, London, New York, and Singapore.
TriOptima is a privately-held company owned by its employees and directors. Minority shareholders include Allen & Overy. ICAP plc holds a significant minority stake.
For further information please contact:
Susan Hinko, Managing Director, North America
Tel: + 1 646 744 0410
susan.hinko@trioptima.net
Per Sjoberg, Executive Vice President
Tel: +46 8 545 25 130
Per.sjoberg@trioptima.net
Hans Patyne, Global Head of Sales and Marketing
Tel: + 44 20 7000 5230
Hans.Patyne@trioptima.net
Andrew Reid, Fishburn Hedges
Tel: +44 20 7544 3021
Andrew.reid@ fishburn-hedges.co.uk